Amid ongoing sanctions due to the war in Ukraine, Russia is leveraging bitcoin and cryptocurrencies to conduct oil trades, particularly with China and India. Reports indicate that Russian entities are executing transactions in crypto to bypass Western financial restrictions. In this mechanism, buyers deposit local currency into offshore accounts which are then converted into crypto for transfer to Russia. Although this method represents a small fraction of Russia's vast oil trade, it underscores the growing role of crypto in enabling sanctioned nations to conduct international trade and financial operations.
Russia is increasingly turning to bitcoin and other cryptocurrencies to navigate sanctions, allowing oil trade with China and India to utilize crypto for transactions.
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