Crypto Potato
2025-03-16 20:13:11

Report: Russia Leveraging Crypto for Oil Trade to Bypass Sanctions

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’s energy trade. Deepening Crypto Adoption The development was first reported 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. 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. This method is said to have proven particularly useful in skipping Moscow’s need for U.S. dollars. It also aligns with legislative changes Russia made in 2024, permitting the use of digital currencies in international trade. 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. Limited Crypto Trading for Select Investors Recently, the bank proposed a three-year trial allowing select high-networth investors to trade crypto under strict regulatory oversight. Going by reports , the initiative, announced on March 12, is intended to improve market transparency while maintaining control over digital asset activities in the country. Last year, Finance Minister Anton Siluanov confirmed that Russian businesses are using cryptocurrencies to navigate economic restrictions imposed by the United States and its allies following Moscow’s invasion of Ukraine in February 2022. The trend isn’t unique to Russia. Other blacklisted nations, such as Venezuela and Iran, have also turned to crypto to keep their economies afloat. However, the oil exporting giant’s adoption of virtual currencies in its energy trade marks a major escalation in its efforts to sidestep the restrictions placed on it. The post Report: Russia Leveraging Crypto for Oil Trade to Bypass Sanctions appeared first on CryptoPotato .

获取加密通讯
阅读免责声明 : 此处提供的所有内容我们的网站,超链接网站,相关应用程序,论坛,博客,社交媒体帐户和其他平台(“网站”)仅供您提供一般信息,从第三方采购。 我们不对与我们的内容有任何形式的保证,包括但不限于准确性和更新性。 我们提供的内容中没有任何内容构成财务建议,法律建议或任何其他形式的建议,以满足您对任何目的的特定依赖。 任何使用或依赖我们的内容完全由您自行承担风险和自由裁量权。 在依赖它们之前,您应该进行自己的研究,审查,分析和验证我们的内容。 交易是一项高风险的活动,可能导致重大损失,因此请在做出任何决定之前咨询您的财务顾问。 我们网站上的任何内容均不构成招揽或要约