Russia Switches to Crypto in Oil Trade.
Russia is increasingly using cryptocurrencies to bypass U.S. sanctions in its oil trade with China and India, converting yuan and rupees into rubles. While currently a small portion of Russia's vast oil trade, the practice is growing. This complex process involves middlemen converting fiat currencies into crypto and then into rubles within Russia. Meanwhile, despite sanctions, Russian oil tankers are resuming shipments, indicating a potential weakening of sanctions' effectiveness.
