Sanctioned Russia turns to BTC, ETH & USDT for global oil trade with China, India

• Russia is using Bitcoin, Ethereum, and Tether for oil trade with China and India to bypass U.S. and EU sanctions.  
• Cryptocurrencies facilitate faster transactions and reduce reliance on traditional banking systems.  
• The U.S. is considering additional sanctions, but Russia’s crypto-driven trade continues to grow. 

Russia is using crypto to bypass Western sanctions, Reuters has reported. Facing mounting economic pressure, Russia has turned to BTC, ETH, & USDT for its oil trade with China and India. This allows for faster cross-border transactions outside the reach of Western banking restrictions. 

Using these cryptos, Russian firms are converting Chinese yuan and Indian rupees into rubles, keeping their financial operations running smoothly. Even though this is still a fraction of Russia’s $192 billion annual oil trade, the strategic shift is picking up speed.  

Russia Embraces Crypto with New Laws

And it’s not just about dodging sanctions. Russia’s attitude towards digital assets, on the whole, has shifted, as evidenced by two recent cryptocurrency bills. The first law, effective since November 1, 2024, fully legalized crypto mining in Russia. 

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