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Russia Turns to Crypto for Oil Trade with India and China Amid Sanctions, Sources Reveal
Russia is leveraging cryptocurrencies like Bitcoin, Ethereum, and Tether in its oil trade with China and India as a means to circumvent Western sanctions. According to sources, some Russian oil companies are converting yuan and rupees into cryptocurrency before exchanging them for rubles, thereby streamlining transactions and avoiding restrictions.
The move signals Russia’s transition towards the use of cryptocurrencies for conducting oil trade with both China and India, helping it evade the West-imposed sanctions. As reported by Reuters, certain Russian oil organizations have integrated Bitcoin, Ethereum, and stablecoins such as Tether to exchange Chinese yuan and Indian rupees into Russian rubles.
Although still a small portion of its overall oil transactions, this practice is gaining traction in Russia.
