Bitcoin Powers Russia Oil Trade

Russia Utilizes Cryptocurrencies for Oil Trade with India and China

• Russian oil companies are using Bitcoin (BTC), Ethereum (ETH), and USDT in transactions.
• The use of cryptocurrencies is to convert Indian rupees and Chinese yuan to Russian roubles.
• This practice is described as a “small but growing” part of Russia’s oil trade.
• The European Union sanctioned Russia last month for previous sanction evasions.
• Garantex, a Russian crypto exchange, suspended operations due to sanctions, with wallets blocked worth over 2.5 billion rubles.

According to sources, some Russian oil companies are increasingly using cryptocurrencies like Bitcoin and Ethereum to facilitate currency conversions in their trade with India and China. This approach is becoming more common despite recent EU sanctions against Russia.