Source: Russia is using cryptocurrency in its oil trade with India to bypass Western sanctions

BlockBeats News, March 14th, According to four insiders, Russia is reportedly using cryptocurrency in its oil trade with India to bypass Western sanctions. Despite openly encouraging the use of cryptocurrency and passing a law last summer to allow the use of digital currency in international trade, Russia had not been reported to use cryptocurrency in oil trading before. Insiders said that some Russian oil companies are using Bitcoin, Ethereum, and stablecoins such as Tether to facilitate the exchange of Indian Rupees for Russian Rubles.

They also added that although cryptocurrency transactions account for a small percentage of Russia's $192 billion oil trade (according to data from the International Energy Agency) last year, it is on the rise. Cryptocurrency has previously helped sanctioned countries like Iran and Venezuela to maintain economic operations without using the US dollar (the preferred currency in the global oil market). (Jinse)