Russia Turns to Cryptocurrencies for Oil Trade

Russia is increasingly using cryptocurrencies to facilitate oil trades with China and India, bypassing Western sanctions. Sources indicate that Russian oil companies are leveraging Bitcoin, Ether, and stablecoins like Tether to convert yuan and rupees into roubles. This practice, though still modest, is expanding within Russia's $192 billion oil trade. Cryptocurrencies have become a strategic tool for nations under sanctions, enabling them to sustain economic activities while avoiding dollar transactions. Russia's move follows similar strategies by Iran and Venezuela, highlighting the growing role of digital currencies in international trade under sanctions.

Source: Reuters, Chainalysis, GIS Reports Online