Russia Turns to Cryptocurrencies for Oil Trade

Russia is reportedly using cryptocurrencies in its oil trade with China and India to bypass Western sanctions, according to four sources familiar with the matter.

While Russia has publicly supported the use of digital currencies and passed a law last summer permitting crypto payments in international trade, this use in the country’s oil sector has not been previously disclosed.

Some Russian oil companies are using Bitcoin, Ether, and stablecoins like Tether to facilitate the conversion of Chinese yuan and Indian rupees into Russian roubles. This practice is a small but growing segment of Russia’s oil trade, which was valued at $192 billion last year, according to the International Energy Agency. #RussianExports #crypto #china