Russia Turns to Cryptocurrencies for Oil Trade, Sources Report

Russia is reportedly utilizing cryptocurrencies in its oil trade with China and India to circumvent Western sanctions, as per Reuters' report which cites anonymous sources. The Russian Central Bank has eased its stance on cryptocurrencies, introducing an experimental legal framework for their trading. However, it does not consider them as legal tender, as noted in the report. Intermediary trading firms are converting payments in yuan or rupees into Bitcoin, Ethereum, or Tether, which are subsequently swapped for rubles in Russia, according to undisclosed sources. While the volume of cryptocurrency transactions in Russia's $192 billion annual oil trade is currently limited, their use is increasing. Experts project a sustained reliance on digital currencies even if sanctions are lifted, as indicated in the report.