Russia has started using crypto such as Bitcoin, Ethereum, and Tether (USDT) to facilitate oil transactions with China and India, thus bypassing the economic restrictions imposed by the West.
According to a Reuters investigation, this strategy allows the country to more easily manage the flow of payments in its vast oil sector, which is worth 192 billion dollars.
Summary
An oil market looking at crypto, latest news from Russia
The Russian government is gradually increasing its involvement in the digital currencies market.
Recently, the Bank of Russia presented a proposal to initiate an experimental legal regime (ELR) lasting three years, which will allow a select group of investors to trade cryptocurrencies without violating national financial laws.
Some Russian oil companies are already using cryptocurrencies to convert payments received in Chinese yuan and Indian rupees into Russian rubles.
At the moment, these transactions represent only a limited part of the country’s oil trade, but their share is constantly growing.
Russia is not the only country looking to the crypto universe as a means to circumvent economic sanctions. Iran and Venezuela, also affected by financial restrictions imposed by the United States and allies, have adopted similar strategies.
The use of cryptocurrencies allows them to bypass U.S. control over the international financial system, ensuring freer access to global markets.
The importance of cryptocurrencies in these scenarios lies in their decentralization and the possibility of making cross-border payments without the involvement of Western financial institutions.
This characteristic makes them particularly suitable tools for those seeking alternative channels for global commerce.
“`htmlCryptocurrencies alongside traditional currencies
“`Despite the growing adoption of cryptocurrencies, fiat currencies remain the dominant payment method in the Russian oil trade.
For example, the dirham of the United Arab Emirates is used for many transactions, serving as a stable alternative to Western currencies subject to sanctions.
Russia has developed several financial instruments to mitigate the effect of the sanctions, and cryptocurrencies represent just one of the many solutions employed. However, their use could continue to grow over time.
Even if Western sanctions were lifted, Russia would likely retain cryptocurrencies in its oil trade. According to Reuters, Moscow views these instruments as a flexible and convenient method for international transactions.
In parallel, the Russian government is pushing for the adoption of a digital ruble, supported by the Central Bank of Russia. This digital asset could provide an additional tool to reduce dependence on financial infrastructures dominated by the West.
As early as 2021, the Central Bank had hypothesized that a digital currency pegged to the ruble could serve as a defense against international sanctions.
Today, this idea seems to be turning into reality, with the goal of integrating blockchain technology into the national financial system.
Russia’s Willingness to Reduce Dependence on the West
The use of Bitcoin, Ethereum and Tether in Russian oil trade represents an innovative strategy to tackle global economic restrictions.
Although valute tradizionali remain the main method of payment, cryptocurrencies are emerging as strumenti versatili e alternativi.
Russia follows the model of other sanctioned countries, such as Iran and Venezuela, adopting decentralized digital payments to keep trade active.
Furthermore, the growing interest in a digital ruble demonstrates the country’s willingness to further reduce dependence on Western financial systems.
In a world where international transactions are increasingly influenced by political and geopolitical dynamics, cryptocurrencies are establishing themselves as key tools for those seeking economic independence and greater autonomy in global markets.
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