Several Reports From Banks In Russia Positively Highlighted XRP In the Past

Recent reports indicate that Russia is increasingly using cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and stablecoins like Tether (USDT) to facilitate oil trade with China and India, aiming to bypass Western-imposed sanctions. This development highlights the evolving role of digital assets in international trade and finance. Crypto influencer Amelie recently shared this news on social media, stating: “Russia is using BTC, ETH, and stablecoins for oil trade with China and India to bypass sanctions!” She also pointed out that BRICS countries are turning to stablecoins and referenced RLUSD in this context. Amelie further noted that “there are several reports from banks in Russia that positively highlighted XRP in the past,” suggesting a potential role for the digital asset in Russia’s financial strategies. BREAKING: RUSSIA IS USING BTC, ETH AND STABLECOINS FOR OIL TRADE WITH CHINA AND INDIA TO BYPASS SANCTIONS! BRICS COUNTRIES -> STABLECOINS -> RLUSD THERE ARE SEVERAL REPORTS FROM BANKS IN RUSSIA THAT POSITIVELY HIGHLIGHTED #XRP IN THE PAST… https://t.co/DX61THQa7y pic.twitter.com/zPH9Wesx2l — 𝓐𝓶𝓮𝓵𝓲𝓮 (@_Crypto_Barbie) March 14, 2025 Emergence of Cryptocurrency Transactions in Oil Trade According to reports, Russia’s adoption of cryptocurrencies for oil transactions is a response to financial sanctions imposed by the West. These measures have limited Russia’s access to traditional banking systems, leading to exploring alternative payment methods. In these transactions, Chinese and Indian buyers remit payments in yuan or rupees to intermediary trading firms. These intermediaries convert the funds into cryptocurrencies, which are then transferred to Russia and exchanged for rubles. While currently representing a small fraction of Russia’s $192 billion annual oil trade, the use of digital assets is reportedly increasing. Russia’s Past Interest in Ripple’s XRP Amelie’s reference to past reports on Russian banks’ interest in XRP aligns with previous studies conducted by the Bank of Russia. In 2018, the bank’s Novosibirsk innovative laboratory researched the feasibility of using Ripple’s platform and XRP for cross-border settlements. The findings suggested that Ripple’s system could serve as a foundation for a cross-border payment network, positioning XRP as a potential bridge currency . We are on twitter, follow us to connect with us :- @TimesTabloid1 — TimesTabloid (@TimesTabloid1) July 15, 2023 While Russia’s current focus appears to be on Bitcoin, Ethereum, and stablecoins, the country’s history of exploring XRP suggests that its digital asset strategy remains open-ended. If Russia seeks a more efficient bridge asset for international settlements, XRP could still be considered in future developments. Implications for the Global Financial System Russia’s pivot toward cryptocurrencies for trade transactions has broader implications for the global financial system. It challenges the dominance of established financial networks and raises questions about the effectiveness of sanctions reliant on traditional banking structures. By adopting digital currencies, Russia and its trade partners can conduct transactions without oversight from Western financial institutions. This trend also prompts regulators to reassess their policies on digital assets and their role in international trade. Future Outlook: Continued Use of Cryptocurrencies in Trade Experts suggest that even if Western sanctions were lifted, Russia might continue using cryptocurrencies in its oil trade due to their speed, flexibility, and reduced transaction costs. This sustained use could encourage other nations facing financial restrictions to explore digital assets for international transactions, potentially leading to a more decentralized global financial system. Disclaimer : This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses. Follow us on X , Facebook , Telegram , and Google News The post Several Reports From Banks In Russia Positively Highlighted XRP In the Past appeared first on Times Tabloid .