Russia Has Begun Using to Bypass Western Sanctions: Reuters

Russia has begun using crypto, including Bitcoin, Ethereum, and Tether, to facilitate oil transactions with China and India, effectively bypassing Western sanctions imposed due to the ongoing conflict in Ukraine.

This strategy allows Russian oil companies to convert payments made in Chinese yuan or Indian rupees into Russian rubles through crypto transactions, which are seen as a convenient and flexible tool for international trade.

Russia is utilizing crypto to circumvent sanctions by converting yuan and rupees into cryptos like Bitcoin and Tether, which are then exchanged for rubles in Russia.

This method follows similar strategies employed by other sanctioned countries, such as Iran and Venezuela, which have also used cryptos to maintain trade while avoiding reliance on the U.S. dollar.

Even if Western sanctions are lifted, Russia is likely to continue using crypto in its oil trade due to their speed and flexibility.

Russia has recently passed legislation allowing digital currency payments in international commerce and is exploring further legal frameworks for crypto use.

While crypto transactions currently represent a small fraction of Russia's $192 billion annual oil trade, their use is increasing as sanctions continue to impact traditional financial channels.

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