Russia Boosts Oil Trade with China and India Using Bitcoin, Ethereum, and USDT Amid Sanctions
by aria-crypto.com
March 14, 2025 at 19:12
Russia Boosts Oil Trade with China and India Using Bitcoin, Ethereum, and USDT Amid Sanctions
Russia is actively using Bitcoin (BTC), Ethereum (ETH), and USDT to conduct oil trades with China and India, skirting around Western sanctions. According to a Reuters report, this crypto-based trading mechanism helps convert Indian rupees and Chinese yuan into Russian roubles more efficiently. The European Union's recent sanctions, aimed at curbing such practices, have not deterred Russian companies from leveraging digital currencies in their oil transactions. Despite operational challenges, such as the shutdown of Russian crypto exchange Garantex due to intense sanctions, the adoption of cryptocurrencies is seen as a growing trend in Russia's international trade. This shift not only illustrates the strategic pivot towards reducing dependency on the US dollar but also signals a potential enduring change in global trade practices. Kremlin's endorsement of cryptocurrencies underscores their utility in bypassing financial barriers, possibly setting a template for other sanctioned nations. The endurance of such strategies, even with potential normalization of trade relations with the US, suggests a significant transformation in Russia's economic interactions with key global players. Overall, this development might have broader implications for the cryptocurrency markets, possibly affecting demand and price stability.
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