Russia has reportedly turned to cryptocurrencies to facilitate its oil trade with India and China, using digital assets to circumvent Western sanctions.<\/p>\n
While fiat currencies like the UAE dirham still dominate the majority of transactions, digital assets are becoming a small but growing component of the country\u2019s energy trade.<\/p>\n
The development was first reported<\/a> by Reuters, which, citing unidentified sources, stated that Russian oil companies are using Bitcoin (BTC), Ethereum (ETH), and stablecoins like Tether (USDT) to convert Chinese yuan and Indian rupees into rubles.<\/p>\n According to the report, a Chinese buyer can pay for Russian oil in yuan to an offshore trading company. An intermediary then converts the funds into crypto before transferring them through multiple accounts. Finally, the digital assets are exchanged for rubles in Russia, allowing transactions to bypass traditional banking networks.<\/p>\n This method is said to have proven particularly useful in skipping Moscow\u2019s need for U.S. dollars. It also aligns with legislative changes Russia made in 2024, permitting the use of digital currencies in international trade.<\/p>\n Although the Bank of Russia has put in place a strict ban on domestic crypto payments, the government has encouraged their use in cross-border transactions, signaling a pragmatic approach to maintaining economic stability.<\/p>\n Recently, the bank proposed a three-year trial allowing select high-networth investors to trade crypto under strict regulatory oversight. Going by reports<\/a>, the initiative, announced on March 12, is intended to improve market transparency while maintaining control over digital asset activities in the country.<\/p>\n Last year, Finance Minister Anton Siluanov confirmed<\/a> that Russian businesses are using cryptocurrencies to navigate<\/a> economic restrictions imposed by the United States and its allies following Moscow\u2019s invasion of Ukraine in February 2022.<\/p>\n The trend isn\u2019t unique to Russia.\u00a0Other blacklisted nations, such as\u00a0Venezuela<\/a> and Iran, have also turned to crypto to keep their economies afloat.<\/span>\u00a0However, the oil exporting giant\u2019s adoption of virtual currencies in its energy trade marks a major escalation in its efforts to sidestep the restrictions placed on it.<\/p>\n The post Report: Russia Leveraging Crypto for Oil Trade to Bypass Sanctions<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Russia has reportedly turned to cryptocurrencies to facilitate its oil trade with India and China, using digital assets to circumvent Western sanctions. While fiat currencies like the UAE dirham still dominate the majority of transactions, digital assets are becoming a small but growing component of the country\u2019s energy trade. Deepening Crypto Adoption The development was […]<\/p>\n","protected":false},"author":0,"featured_media":52280,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-52279","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/52279"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=52279"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/52279\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/52280"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=52279"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=52279"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=52279"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Limited Crypto Trading for Select Investors<\/h2>\n