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Russia leans on cryptocurrencies for oil trade, sources say
- Russia is using cryptocurrencies in oil trade with China and India to evade Western sanctions, according to Reuters' report citing unnamed sources.
- The Russian Central Bank has softened its stance on cryptocurrencies and launched an experimental legal framework for trading them, but it does not recognize them as legal tender, as reported.
- Intermediary trading firms convert payments made in yuan or rupees into Bitcoin, Ethereum, or Tether, which are then exchanged for rubles in Russia, as revealed by sources.
- Despite the small scale of cryptocurrency transactions in Russia's $192 billion annual oil trade, usage is rising, and experts anticipate continued reliance on digital currencies even if sanctions are lifted, according to the report.
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Cryptocurrency News | Cryptocurrency Prices | Market CapRussia Using Crypto in Chinese and Indian Oil Trade – Reuters
Russia is using cryptocurrencies in its oil trade with China and India to dodge Western sanctions, Reuters reported Friday, citing four sources with direct knowledge of the matter.
·Amsterdam, Netherlands
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Russia has started using cryptocurrencies to circumvent Western sanctions in oil trade with China and India.
Coverage Details
Total News Sources64
Leaning Left5Leaning Right4Center6Last UpdatedBias Distribution40% Center
Bias Distribution
- 40% of the sources are Center
40% Center
L 33%
C 40%
R 27%
Factuality
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