Russia to benefit from encryption to the oil trade to overcome sanctions

According to what was reported, Russia has turned into encrypted currencies to facilitate oil trade with India and China, using digital assets to circumvent Western sanctions.

While the Fiat currencies like the United Arab Emirates still dominate the majority of transactions, digital assets have become a small but increasing component in the country’s energy trade.

Deepening encryption adoption

The development was first I mentioned Posted by Reuters, which anonymous sources mentioned that Russian oil companies use Bitcoin (BTC), ETHEREUM (ETH), and Stablecoins such as Tether (USDT) to convert the Chinese yuan and Indian rupee into rubles.

According to the report, the Chinese buyer can pay the price of Russian oil in Yuan to a commercial company abroad. Then the mediator converts the money to encryption before being transferred through multiple accounts. Finally, the digital assets of the ruble in Russia are exchanged, allowing transactions to bypass traditional banking networks.

This method is said to have proven to be especially useful in overcoming Moscow’s needs for the US dollar. It is also in line with the legislative changes made by Russia in 2024, allowing the use of digital currencies in international trade.

Although the Bank of Russia has made a strict ban on local encryption payments, the government encouraged its use in the cross -border transactions, indicating a practical approach to maintaining economic stability.

Limited encryption trading for chosen investors

Recently, the bank has proposed a three -year experience that allows investors selected from Networth to exchange encryption in light of strict organizational supervision. Go ReportsThe initiative, which was announced on March 12, aims to improve the transparency of the market while maintaining control of the country’s digital asset activities.

Last year, Finance Minister Anton Silwanov certain Russian companies are using encrypted currencies to move in the economic restrictions imposed by the United States and its allies after Moscow’s invasion of Ukraine in February 2022.

The trend is not unique to Russia. Other countries listed in the black list, such as Venezuela and Iran, have also turned into encryption to maintain their economies standing on his feet. However, the approval of the oil export giant in its energy trading is a great escalation in its efforts to avoid the restrictions imposed on it.