Russia uses Bitcoin, Ethereum, and Tether to bypass Western oil sanctions. Learn how digital currencies are reshaping Russia's oil trade.
According to a recent report by Reuters, Russia is using digital currencies in oil trades with India and China. Some Russian oil companies are using Bitcoin, Ethereum, and Tether to facilitate the conversion of Indian Rupee and Chinese Yuan to Russian Ruble. This method forms a small but growing part of Russia’s oil trade. Last month, the European Union sanctioned Russia for bypassing previous sanctions. Last week, the Russian digital currency exchange Garantex had to suspend its operations due to the intensity of the sanctions. A Reuters source mentioned that even if the sanctions are lifted and Russia regains access to the US Dollar, many are likely to continue using digital currencies due to the convenience and speed of transactions.
