Oil is being traded in cryptocurrency with India and China by Russia
In order to evade Western sanctions, Russia is trading oil using cryptocurrencies. Four sources were cited by Reuters to provide this information. Information indicates that Russia sells oil in a number of nations, including China and India, using cryptocurrency.
Stablecoins like bitcoin, ether, and tether are being used by certain Russian energy corporations to exchange Indian rupees and Chinese yuan for Russian rubles. Although still small, the usage of cryptocurrency in Russia's total oil trade is increasing, according to sources. The International Energy Agency (IEA) estimates that the value of Russia's oil trade was $192 billion in the previous year. Every source has requested anonymity due to the delicate nature of the subject.
Aiding numerous nations
Countries like Venezuela and Iran that are subject to US sanctions are already using cryptocurrencies to manage their economies. Another benefit of cryptocurrencies is that they allow people avoid using the dollar. In the international oil industry, the dollar is the chosen currency for transactions.
Since the US reinstated the prohibition, Venezuela has increased the use of digital money in the export of petroleum and crude oil. Russia has taken a similar course.
America engaged in improving relations
US President Donald Trump is trying to improve relations with Russia to end the war in Ukraine. But it is not yet clear whether the bans will be lifted or not. Reuters reported that the White House was drafting options for sanctions relief. But on March 7, Trump posted that he was seriously considering imposing more sanctions on Russia.
The use of cryptocurrency will not stop
According to one of the four sources, cryptocurrency is probably going to be utilized in Russian oil trading even if the embargo is lifted and the dollar is once again used. He claimed that it is a practical instrument that speeds up work completion.
How does one go about trading cryptocurrency?
An illustration of how this trade operates is provided by two sources who are aware of the transactions. A trading corporation that acts as a middleman receives payment in yuan from a Chinese buyer of Russian oil. A foreign account is used to receive the money.
After converting it into cryptocurrency, the intermediary moves it to a another account. After that, it is changed into rubles and forwarded to a third account in Russia. Each month, a Russian oil trader sells hundreds of millions of dollars worth of cryptocurrency to China.
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