Currently, a cryptocurrency scheme is used to trade relatively small volume of Russian oil.
Russia began to use cryptocurrency in oil trade along with China and India to avoid western penalties. Reuters reported this reference to resources.
It has been noted that if Chinese or India buyers of Russia’s oil pay a trading-mediator company to Yuan or Rupees. The funds were entered into an offshore account and then converted to bitcoins, ether or tether stabilcoins. Thereafter, cryptocurrency was shown in another account and that in Russia was exchanged for rubles.
According to agency’s interlocutors, the cryptocurrency scheme is currently used in trade in relatively small volume of Russian oil, the cost of approximately $ 192 billion a year by the International Energy Agency. However, the number of such transactions is rising in order.
At the same time, Russia with a high level of possibility will continue to use cryptocurrency in oil trade, even if western penalties are raised and Russian oil companies are allowed to re -use the dollar.
According to resources, cryptocurrencies are a convenient tool that helps to quickly perform operations and have no difficulties in making international payments.
Keep in mind that China’s state oil companies in March have reduced Russian oil imports due to new US penalties.
Russia bypasses Biden’s penalties and increases oil supply to Asia – Media
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Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.