Market News
Russia leans on cryptocurrencies for oil trade, sources say - REUTERS
By Anna Hirtenstein and Chen Aizhu
Summary
- Crypto small but growing part of Russia's $192 bln oil trade, sources say
- Crypto used to smooth conversion of yuan and rupees to roubles
- Russian oil companies have used Tether, bitcoin and ether, sources say
March 14 (Reuters) - Russia is using cryptocurrencies in its oil trade with China and India to skirt Western sanctions, according to four sources with direct knowledge of the matter.
While Russia has publicly encouraged the use of crypto and last summer passed a law to allow digital currency payments in international trade, its use in the country's oil trade has not previously been reported.
