Russia using Bitcoin, USDt for oil trades with China and India: Report

Quick Summary:

Russian oil companies have used crypto assets including Bitcoin (BTC) and Tether’s USDt (USDT) for international trade, Reuters reported on March 14, citing four sources with direct knowledge of the matter.

While 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.

Crypto will be used no matter of sanctionsAccording to one of Reuters’ sources, crypto will likely continue to be used in Russia’s 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.“It is a convenient tool and helps run operations faster,” the report said, citing the source.

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Article Details

Author / Journalist: Cointelegraph by Helen Partz

Category: Crypto

Markets: United StatesChinaHong KongIndiaJapan

Topics: Trade Sanctions Russia Crypto According Using Usdt Russian Assets Reuters Bitcoin

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-03-14 @ 07:57:12 (14 hours ago)

News Timezone: GMT -5:00

News Source URL: cointelegraph.com

Language: English

Article Length: 347 words

Reading Time: 2 minutes read

Sentences: 16 lines

Sentence Length: 22 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Coin Telegraph

News ID: 26983539

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About Coin Telegraph

Main Topics: Crypto

Official Website: cointelegraph.com

Update Frequency: 562 posts per day

Year Established: 2013

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News Last Updated: 8 hours ago

Coverage Areas: United States

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Publication Timezone: GMT -5:00

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Publisher ID: #11

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