A Reuters report claims that Russian companies are using cryptocurrencies, such as Bitcoin or USDt, to facilitate their international trade.
Russian oil firms have used crypto-assets like Bitcoin.BTCUSDt, and Tether (USDt).USDTReuters reported Four sources directly involved in the case were quoted on 14 March.
According to an anonymous source, a Russian oil trader conducts monthly digital asset transactions worth tens and millions of dollars. This is due to the non-disclosure contract.
The Russian Finance Minister has publicly stated that Russia is free to use assets like Bitcoin The use of cryptocurrency for oil transactions in China and India in the foreign trade by late 2025 has never been reported.
Russia’s Oil Trade in Crypto: What does it involve?
According to Reuters’ report, middlemen manage offshore accounts in order to facilitate cryptocurrency transactions.
A Chinese oil buyer pays an intermediary trading firm in Yuan to a foreign account.
Sources said that the middleman converts payments to crypto assets, transfers them to another account and then to a Russian third account where they are converted to rubles.
Crypto will still be used, despite any sanctions
Reuters’ sources claim that crypto is likely to continue being used for Russia’s oil trades, regardless of sanctions and whether or not they are lifted.
“It is a convenient tool and helps run operations faster,” Citing the source, the article said.
Bank of Russia announces the news proposing to legalize cryptocurrency investments High-net-worth Individuals who own at least $1,000,000 in Securities and Deposits.
As new information becomes available, we will update this story.
Magazine: Ridiculous ‘Chinese Mint’ crypto scam, Japan dives into stablecoins: Asia Express
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Source: cointelegraph.com
