Russia uses cryptocurrencies for oil trading - Digital currencies serve the Kremlin to avoid sanctions
Russia is using cryptocurrencies in its oil trade with China and India to evade Western sanctions, according to four sources with direct knowledge of the matter.
Although Russia has publicly encouraged the use of crypto and last summer passed a law to allow digital currency payments in international trade, its use in oil trading has not previously been reported.
Some Russian oil companies are using bitcoin, ether and stablecoins like Tether to smooth the conversion of Chinese yuan and Indian rupees into Russian rubles, the sources said, adding that this is a small but growing part of overall Russian oil trade. According to the International Energy Agency, total Russian oil trade was worth $192 billion last year.
Cryptocurrencies have helped countries under US sanctions, such as Iran and Venezuela, continue to operate their economies, avoiding the use of the dollar, which is the preferred currency for transactions in the global oil market.
Russia's move comes after Venezuela accelerated its use of digital currencies in crude oil and fuel exports after Washington reinstated sanctions.
US President Donald Trump is seeking to improve relations with Russia as he pushes to end the war in Ukraine, but it remains unclear whether sanctions will be lifted. Reuters reported that the White House was drawing up options for easing sanctions, but Trump tweeted on March 7 that he was considering more sanctions on Russia.
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