Russia Is Using Bitcoin and Crypto For Its Oil Trades with China and India
Bitcoin MagazineRussia Is Using Bitcoin and Crypto For Its Oil Trades with China and India Russia is turning to bitcoin and crypto to facilitate oil trades with China and India, circumventing sanctions imposed on Ukraine. This post Russia Is Using Bitcoin and Crypto For Its Oil Trades with China and India first appeared on Bitcoin Magazine and is written by Vivek Sen Bitcoin.
Bitcoin Magazine
Russia Is Using Bitcoin and Crypto For Its Oil Trades with China and India
Amid ongoing sanctions over the war in Ukraine, Russia has turned to bitcoin and other cryptocurrencies to facilitate some of its oil trade with major buyers China and India.
According to a Reuters report, Russian oil companies and traders increasingly conduct transactions in bitcoin and crypto, allowing them to circumvent restrictions from Western nations. Sources say monthly trade volumes are already in the tens of millions of dollars.
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