Russia is using cryptocurrencies in its oil trade with India to circumvent Western sanctions
2025-03-14 05:37:28
Russia is using cryptocurrencies in its oil trade with India to circumvent Western sanctions, according to four sources with knowledge of the matter. Although Russia has publicly encouraged the use of cryptocurrencies and passed a law last summer allowing the use of digital currencies for payments in international trade, its use of cryptocurrencies in oil trade has not been previously reported. Some Russian oil companies are using stablecoins such as bitcoin, ether and Tether to facilitate the process of converting Indian rupees into Russian rubles, the sources said. They added that cryptocurrency transactions accounted for a small but growing share of Russia's total oil trade worth $192 billion (according to the International Energy Agency) last year. Cryptocurrencies have previously helped countries like Iran and Venezuela, which are subject to U.S. sanctions, keep their economies afloat without using the U.S. dollar, the currency of choice for transactions in global oil markets.
Disclaimer:
1. The information provided does not constitute investment advice. Investors should make independent decisions and bear all risks themselves.
2. The copyright of this content belongs to the original author. The views expressed herein are solely those of the author and do not represent the stance or position of this website.
Previous article：
俄罗斯在与印度的石油贸易中正使用加密货币，以规避西方制裁Next article：
伊朗核问题中俄伊北京会晤：三方强调终止所有非法单边制裁的必要性
