Russia, which has taken important steps in Bitcoin (BTC) and cryptocurrencies in recent days, has turned to cryptocurrencies in trade.
Russia is using cryptocurrency in its oil trade with China and India to evade Western sanctions, sources familiar with the matter said, according to Reuters.
Russia has openly encouraged the use of cryptocurrencies and last summer passed a law allowing cryptocurrency payments in international trade, but there has been no previous mention of cryptocurrency being used in Russia’s oil trade.
Some Russian oil companies are using Bitcoin, Ethereum (ETH) and Tether (USDT) to facilitate the conversion of Chinese yuan and Indian rupees into Russian rubles, sources told Reuters.
One of the sources said that Russia has set up various systems to circumvent sanctions and USDT (Tether) is just one of them.
US President Donald Trump is trying to improve relations with Russia while pressing for an end to the war in Ukraine.
Even if these negotiations yield positive results, it remains unclear whether sanctions against Russia will be lifted.
One of the sources said that even if sanctions are lifted and the dollar can be used again, cryptocurrencies will continue to be used in Russian oil trade. He added that cryptocurrencies such as Bitcoin are a useful tool in trading and help conduct operations faster.
*This is not investment advice.