• About Us
  • Careers
  • Contact
No Result
View All Result
Monday, June 23, 2025
DeFi Planet
  • News
    • People
    • Business
    • Crime
    • Regulation
    • Crypto
    • CBDC
  • Markets
    • Bitcoin
    • Ethereum
    • Stablecoins
    • Altcoins
    • Crypto ETFs
    • Memecoins
  • Policy
  • Articles
    • Press Releases
    • Opinion
    • Explainers
    • Guest Post
    • Sponsored
  • Directory
    • Companies
    • People
    • Products
    • Wallets
  • Multimedia
    • Videos
    • Podcasts
  • Learn
    • DeFi Basics
    • Tutorials
    • Reviews
    • Blockchain Fundamentals
  • Research
    • Case Studies
  • Explore
    • DeFi
    • Crypto Gaming
    • NFT
    • DAO
    • Metaverses
  • Jobs
  • Markets Pro
    • DeFi Planet Pro
    • Spend Crypto
    • Swap Crypto
    • Coin Prices
    • Crypto Exchanges
    • Crypto Analyzer
  • News
    • People
    • Business
    • Crime
    • Regulation
    • Crypto
    • CBDC
  • Markets
    • Bitcoin
    • Ethereum
    • Stablecoins
    • Altcoins
    • Crypto ETFs
    • Memecoins
  • Policy
  • Articles
    • Press Releases
    • Opinion
    • Explainers
    • Guest Post
    • Sponsored
  • Directory
    • Companies
    • People
    • Products
    • Wallets
  • Multimedia
    • Videos
    • Podcasts
  • Learn
    • DeFi Basics
    • Tutorials
    • Reviews
    • Blockchain Fundamentals
  • Research
    • Case Studies
  • Explore
    • DeFi
    • Crypto Gaming
    • NFT
    • DAO
    • Metaverses
  • Jobs
  • Markets Pro
    • DeFi Planet Pro
    • Spend Crypto
    • Swap Crypto
    • Coin Prices
    • Crypto Exchanges
    • Crypto Analyzer
No Result
View All Result
DeFi Planet
No Result
View All Result

Russian Oil Firms Reportedly Turn to Crypto for Trade with China and India

14 March 2025
in Crypto, News
Reading Time: 3 mins read
103 5
Home News Crypto

Last updated on March 15th, 2025 at 07:50 am

Russian oil companies are increasingly using cryptocurrencies to bypass Western sanctions and facilitate transactions with China and India, according to Reuters.

Some firms are reportedly using Bitcoin (BTC), Ethereum (ETH), and stablecoins like Tether (USDT) to convert Chinese yuan and Indian rupees into Russian rubles. While still a small portion of total trade, the practice is expanding as companies seek alternative payment solutions.

Notably, this trend extends beyond oil. In 2024, Bloomberg reported that Russia’s two largest unsanctioned metal producers began using USDT for cross-border deals with Chinese clients and suppliers. This shift followed U.S. Treasury warnings about secondary sanctions on financial institutions facilitating sanctions evasion. At the time, these companies’ executives revealed that some transactions were routed through Hong Kong, though the total volume remains undisclosed.

Reuters also reported that USDT is just one of several crypto-based systems Russia is using for international trade.

In response to challenges from sanctions, the Russian government established a specialized focus group last year to explore cryptocurrency use for foreign trade payments under an experimental legal framework. The government stated that the initiative aims to assist importers struggling with bank transactions in China and other countries due to the nature of their goods.

According to local media outlet Vedomosti, this group includes representatives from the Chamber of Commerce and Industry, the Association of Developers and Producers of Electronics, and several banks, with larger companies receiving priority consideration.

Also, in July 2024, it was reported that the Bank of Russia was reportedly considering legalizing stablecoins for cross-border transactions to ease the challenges due to the economic sanctions. Alexei Guznov, the Bank’s deputy governor, explained the aim was to establish a framework that would allow individuals to transfer these assets into Russia, accumulate them domestically, and use them for international payments.

On a broader scale, the Russian government is actively working to boost crypto adoption locally and also regulate it. On March 14, Deputy Finance Minister Ivan Chebeskov confirmed that the Ministry of Finance is developing a legal framework for a national crypto infrastructure in collaboration with the Bank of Russia.

 

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”

Don't miss out!

Subscribe To Our Newsletter

Receive top education news, lesson ideas, teaching tips and more!
Invalid email address
Give it a try. You can unsubscribe at any time.
Thanks for subscribing!
Tags: ChinaCryptoIndiaRussia
Share63Tweet39Share11
Previous Post

Turkey Enforces Stricter Regulations for Crypto Exchanges and Wallet Providers

Next Post

Trump-Affiliated World Liberty Financial Closes Token Sale, Secures $550M Amid Strong Investor Demand

Jewel Buddy

Jewel Buddy

Buddy Jewel is a finance writer specializing in cryptocurrency news. With a keen eye on the latest developments in the digital asset space, I provides insightful and timely updates on the ever-evolving world of crypto.

Related Posts

Avail Launches on Binance Alpha with Airdrop and Trading Competition
Crypto

Avail Launches on Binance Alpha with Airdrop and Trading Competition

20 June 2025
Ant Digits Dismisses Rumors of Partnership with Hainan Huatie on RWA and Stablecoins
News

Ant Digits Dismisses Rumors of Partnership with Hainan Huatie on RWA and Stablecoins

20 June 2025
TikTok Denies Involvement in Alleged $300M Trump Memecoin Purchase Amid Political Backlash
Memecoins

TikTok Denies Involvement in Alleged $300M Trump Memecoin Purchase Amid Political Backlash

20 June 2025
source: egirisim.com
AI

Apple Eyes AI to Accelerate Chip Design Amid Industry Shift

20 June 2025

Featured Posts

The Rise of AI Thieves: Can Bots Steal Your Crypto?

The Rise of AI Thieves: Can Bots Steal Your Crypto?

byOlayinka Sodiq
3 June 2025
0

Why Most DeFi Projects Fail (And What Needs to Change)

Why Most DeFi Projects Fail (And What Needs to Change)

byOlajumoke Oyaleke
15 May 2025
0

Yield-Bearing Assets in DeFi: How Do They Work and How Can You Maximize Them

Yield-Bearing Assets in DeFi: How Do They Work and How Can You Maximize Them

byFaari Labinjoand1 others
14 May 2025
0

Can DeFi Insurance Products Solve the Problem of Rug Pulls?

Can DeFi Insurance Products Solve the Problem of Rug Pulls?

byOlajumoke Oyaleke
25 April 2025
0

DeepSeek vs. ChatGPT vs Gemini vs Claude: Which AI Model Should Use For Your Crypto Tasks?

DeepSeek vs. ChatGPT vs Gemini vs Claude: Which AI Model Should Use For Your Crypto Tasks?

byOlajumoke Oyaleke
24 April 2025
0

Read More

Chain of Thoughts

Are Stablecoins Bank Deposits?

Are Stablecoins Bank Deposits?

byOlu Omoyele
31 May 2025
0

...

DAOs and the Coordination of Human Endeavour

DAOs and The Coordination of Human Endeavour

byOlu Omoyele
27 April 2025
0

...

Should DeFi Be Regulated?

Should DeFi Be Regulated?

byOlu Omoyele
27 March 2025
0

...

Is Tokenization All That It’s Cracked Up To Be?

Is Tokenization All That It’s Cracked Up To Be?

byOlu Omoyele
26 February 2025
0

...

Markets Update

Your Weekend Crypto Roundup | June 2025 (Week 3)

3 days ago

Your Weekend Crypto Roundup | June 2025 (Week 2)

1 week ago

Your Weekend Crypto Roundup | June 2025 (Week 1)

2 weeks ago

Your Weekend Crypto Roundup | May 2025 (Week 5)

3 weeks ago

Your Weekend Crypto Roundup | May 2025 (Week 4)

1 month ago

Your Weekend Crypto Roundup | May 2025 (Week 3)

1 month ago
Read More

Events

  • No events
  • Spotlight

    All about Ethereum
    All about Algorand
    All about Bitcoin
    All about Gora

    Press Releases

    Polemos Launches $PLMS Token On MEXC and Uniswap, Advancing Web3 Gaming Infrastructure

    bychainwire
    23 June 2025
    0

    Meta Earth Network 2.0: Pioneering Web3 Innovation with Rewards and Global Events

    bychainwire
    20 June 2025
    0

    BitVault Raises $2M from GSR, Gemini, and Auros to Launch BTC-Backed Money

    bychainwire
    18 June 2025
    0

    TAC Raises $11.5M to Bring DeFi to Telegram’s Billion-User Ecosystem

    bychainwire
    18 June 2025
    0

    BTCC Exchange Celebrates 14th Anniversary with Launch of First-Ever User Badge Program

    bychainwire
    18 June 2025
    0

    Read More

    ADVERTISING

    ABOUT

    TEAM

    CAREERS

    CONTACT

    TERMS & CONDITIONS

    PRIVACY POLICY

    © Copyright 2025 DeFi Planet

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    Please enter and activate your license key for Cryptocurrency Widgets PRO plugin for unrestricted and full access of all premium features.

    Add New Playlist

    No Result
    View All Result
    • News
      • People
      • Business
      • Crime
      • Regulation
      • Crypto
      • CBDC
    • Markets
      • Bitcoin
      • Ethereum
      • Stablecoins
      • Altcoins
      • Crypto ETFs
      • Memecoins
    • Policy
    • Articles
      • Press Releases
      • Opinion
      • Explainers
      • Guest Post
      • Sponsored
    • Directory
      • Companies
      • People
      • Products
      • Wallets
    • Multimedia
      • Videos
      • Podcasts
    • Learn
      • DeFi Basics
      • Tutorials
      • Reviews
      • Blockchain Fundamentals
    • Research
      • Case Studies
    • Explore
      • DeFi
      • Crypto Gaming
      • NFT
      • DAO
      • Metaverses
    • Jobs
    • Markets Pro
      • DeFi Planet Pro
      • Spend Crypto
      • Swap Crypto
      • Coin Prices
      • Crypto Exchanges
      • Crypto Analyzer

    © Copyright 2024 DeFi Planet   |   Terms & Conditions   |   Privacy Policy

    -
    00:00
    00:00

    Queue

    Update Required Flash plugin
    -
    00:00
    00:00