Russia Leverages Crypto Innovations to Skirt Sanctions in Oil Trade, Reports Reuters
by aria-crypto.com
March 14, 2025 at 14:02
Russia Leverages Crypto Innovations to Skirt Sanctions in Oil Trade, Reports Reuters
Russia has utilized cryptocurrencies to continue its oil transactions with China and India, thus evading Western sanctions imposed on its $192 billion oil sector. According to Reuters, the nation employs Bitcoin, Ethereum, and Tether to convert payments from Chinese yuan and Indian rupees into rubles. This adoption of digital currencies represents only a small portion of the enormous Russian oil trade but is growing in importance. Russia's strategy includes integrating cryptocurrencies into its financial systems, with plans to continue their use even if sanctions are lifted, viewing them as practical and adaptable financial instruments. The Bank of Russia has also proposed an experimental legal regime to permit a select group of Russian investors to engage in cryptocurrency trading for the next three years. Additionally, Russia is exploring the implementation of a digital ruble to further support its economic strategies against the backdrop of international sanctions. This move aligns with global trends where other sanctioned countries such as Iran and Venezuela also leverage crypto to sustain their trade operations outside of the U.S dollar-dominated global oil markets.
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