Report: Russia taking advantage of cryptography for oil trade to avoid sanctions

According to reports, Russia has resorted to cryptocurrencies to facilitate their oil trade with India and China, using digital assets to avoid Western sanctions.

While fiduciary currencies such as the EAU Dirham still dominate most transactions, digital assets are becoming a small but growing component of the country’s energy trade.

Deepen cryptographic adoption

Development was the first reported By Reuters, which, citing unidentified sources, declared that Russian oil companies are using Bitcoin (BTC), Ethereum (ETH) and stables such as Tether (USDT) to convert the Chinese and Indian Chinese rupees into rubles.

According to the report, a Chinese buyer can pay for Russian oil in Yuán to a commercial company on the high seas. An intermediary then converts the funds into cryptography before transferring them through multiple accounts. Finally, digital assets are exchanged for rubles in Russia, allowing transactions to avoid traditional banking networks.

It is said that this method has proven to be particularly useful to omit the need for Moscow of US dollars. It is also aligned with the legislative changes that Russia made in 2024, which allows the use of digital currencies in international trade.

Although the Bank of Russia has established a strict prohibition of national cryptographic payments, the government has encouraged its use in cross -border transactions, indicating a pragmatic approach to maintain economic stability.

Limited cryptographic trade for selected investors

Recently, the Bank proposed a three -year essay that allowed selected high Networth exchange investors to exchange cryptography under strict regulatory supervision. Pass through informationThe initiative, announced on March 12, is aimed at improving market transparency while maintaining control over digital asset activities in the country.

Last year, Finance Minister Anton Siluanov confirmed that Russian companies are using cryptocurrencies to navigate the economic restrictions imposed by the United States and their allies after the invasion of Ukraine by Moscow in Ukraine in February 2022.

The trend is not exclusive to Russia. Other nations in the blacklist, such as Venezuela and Iran, have also resorted to cryptography to keep their economies afloat. However, the adoption of the petroleum export giant of virtual currencies in their energy marks is an important escalation in their efforts to avoid the restrictions imposed.