{"id":125052,"date":"2025-03-14T08:16:25","date_gmt":"2025-03-14T08:16:25","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=125052"},"modified":"2025-03-14T08:16:25","modified_gmt":"2025-03-14T08:16:25","slug":"russia-using-bitcoin-usdt-for-oil-trades-with-china-and-india-report","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=125052","title":{"rendered":"Russia using Bitcoin, USDt for oil trades with China and India: Report"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsRussian companies have been using cryptocurrencies like Bitcoin and USDt to facilitate trade with China and India amid international sanctions, according to a Reuters report.<br \/>\nRussian oil companies have used crypto assets including Bitcoin (BTC) and Tether\u2019s USDt (USDT) for international trade, Reuters reported on March 14, citing four sources with direct knowledge of the matter.<br \/>\nOne Russian oil trader reportedly conducts tens of millions of dollars worth of monthly transactions using digital assets, according to a source who spoke on condition of anonymity due to a non-disclosure agreement.<br \/>\nWhile the Russian finance minister publicly declared in late 2024 that Russia is free to use assets like Bitcoin in foreign trade, the use of crypto in oil transactions with China and India had not been previously reported.<br \/>\nRussia\u2019s oil trade in crypto: How does it work?<br \/>\nAccording to Reuters, Russia\u2019s foreign oil trade in crypto involves intermediaries who manage offshore accounts and facilitate transactions in the buyer\u2019s local currency. One example includes a Chinese buyer of Russian oil that pays a trading company acting as a middleman in yuan into an offshore account.<br \/>\nThe middleman then converts payments into crypto assets and transfers it to another account, which then sends it to a third account in Russia and converts it to Russian rubles, sources said.<br \/>\nCrypto will be used no matter of sanctions<br \/>\nAccording to one of Reuters\u2019 sources, crypto will likely continue to be used in Russia\u2019s foreign oil trading regardless of whether any sanctions are in place and even if the sanctions are lifted and Russia is free to use the dollar.<br \/>\n\u201cIt is a convenient tool and helps run operations faster,\u201d the report said, citing the source.<br \/>\nThe news comes amid the Bank of Russia officially proposing to legalize cryptocurrency investments for high-net-worth individuals, who have at least least $1.1 million in securities and deposits.<br \/>\nThis is a developing story, and further information will be added as it becomes available.<br \/>\nMagazine: Ridiculous \u2018Chinese Mint\u2019 crypto scam, Japan dives into stablecoins: Asia Express<a href=\"https:\/\/cointelegraph.com\/news\/russia-bitcoin-oil-trade-crypto-payments?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsRussian companies have been using cryptocurrencies like Bitcoin and USDt to facilitate trade with China and India amid international sanctions, according to a Reuters report. Russian oil companies&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/125052"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=125052"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/125052\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=125052"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=125052"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=125052"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}