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Russia has begun utilizing cryptocurrencies in its oil trade with China and India to circumvent Western sanctions. According to sources speaking to Reuters, Russian oil companies are converting payments into Russian rubles through cryptocurrencies like Bitcoin (BTC) 
$84,430, Ethereum (ETH) 
$1,941, and Tether (USDT), streamlining the payment process by converting them into Chinese yuan and Indian rupees. Reports suggest that Russian firms are conducting tens of millions of dollars in cryptocurrency transactions monthly to evade sanctions.
Cryptocurrency Gains Traction in Russian Oil Trade
Due to Western sanctions, Russia has faced challenges trading through conventional banking channels. In December, Russia amended its laws to permit cryptocurrency use in international payments. Following these changes, Russia’s Finance Minister Anton Siluanov noted a surge in transactions conducted with cryptocurrencies.
The use of cryptocurrencies in oil trading is also viewed as part of the Central Bank of Russia’s development of digital infrastructure. A report published last year indicated that the bank expedited this process and was exploring various alternatives to overcome sanctions. However, experts suggest that cryptocurrencies are not the sole method used by Russia in its oil trade.
Despite sanctions imposed by the U.S. and the European Union on certain Russian cryptocurrency exchanges, these platforms continue operations. Exchanges like Garantex are known to persist in providing services to Russian users despite U.S. sanctions.
New Regulations on Cryptocurrency Introduced
While Russia has restricted cryptocurrency usage in specific areas, it has introduced new regulations to increase its use in international trade. Recently, the Central Bank of Russia launched a three-year pilot program allowing particular investors to trade cryptocurrencies. Eligible participants must possess assets exceeding 100 million rubles or an annual income of at least 50 million rubles. Compliance with certain legal regulations is also required for companies. Nevertheless, the central bank remains opposed to using cryptocurrencies as a payment method domestically.
Additionally, the Russian Parliament has approved regulations legalizing cryptocurrency mining. The new law officially recognizes mining activities, requiring participants to register with the government. However, some regions continue to impose restrictions on mining due to energy consumption concerns.
Russia’s digital ruble initiatives are also accelerating. The central bank is set to gradually introduce the tested digital currency this year. However, since the digital ruble will be managed through a central system, it is not seen as an alternative to Bitcoin and other decentralized cryptocurrencies.
