Russia is using cryptocurrencies in oil transactions with India and China, according to a new Reuters report.

Citing “four sources with direct knowledge of the matter,” the new report claims that some Russian oil companies are using Bitcoin (BTC), Ethereum (ETH) and USDT to ease the conversion of Indian rupees and Chinese yuan to Russian roubles.

The sources, who declined to be identified, claim the practice is a “small but growing” part of Russia’s oil trade.

The European Union (EU) sanctioned Russia last month, in part for previous sanction evasions.

Last week, Russian crypto exchange Garantex was forced to suspend operations due to the severity of the sanctions.

“Dear users! We have bad news. Tether has entered the war against the Russian crypto market and blocked our wallets worth more than 2.5 billion rubles.

We are temporarily suspending all services, including cryptocurrency withdrawals, while our entire team solves this problem.

We are fighting and will not give up! Please note that all USDT in Russian wallets is currently under threat. As always, we are the first but not the last. Garantex Team.”

According to one of Reuters’ sources, even if sanctions were lifted and the US dollar was available for Russia to trade with again, many would likely continue to use crypto because of the technology’s convenience and transaction speed.

 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

The post Russia Side-Stepping Western Sanctions by Trading Bitcoin (BTC), Ethereum (ETH) and USDT for Oil: Report appeared first on The Daily Hodl.

Russia is using cryptocurrencies in oil transactions with India and China, according to a new Reuters report.

Citing “four sources with direct knowledge of the matter,” the new report claims that some Russian oil companies are using Bitcoin (BTC), Ethereum (ETH) and USDT to ease the conversion of Indian rupees and Chinese yuan to Russian roubles.

The sources, who declined to be identified, claim the practice is a “small but growing” part of Russia’s oil trade.

The European Union (EU) sanctioned Russia last month, in part for previous sanction evasions.

Last week, Russian crypto exchange Garantex was forced to suspend operations due to the severity of the sanctions.

“Dear users! We have bad news. Tether has entered the war against the Russian crypto market and blocked our wallets worth more than 2.5 billion rubles.

We are temporarily suspending all services, including cryptocurrency withdrawals, while our entire team solves this problem.

We are fighting and will not give up! Please note that all USDT in Russian wallets is currently under threat. As always, we are the first but not the last. Garantex Team.”

According to one of Reuters’ sources, even if sanctions were lifted and the US dollar was available for Russia to trade with again, many would likely continue to use crypto because of the technology’s convenience and transaction speed.

 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

The post Russia Side-Stepping Western Sanctions by Trading Bitcoin (BTC), Ethereum (ETH) and USDT for Oil: Report appeared first on The Daily Hodl.