Russia uses cryptocurrencies in oil transactions with India and China, according to a new Reuters report.
With reference to “four sources with direct knowledge of the case”, the new report claims that some Russian oil companies Bitcoin (BTC), Ethereum (ETH) and USDT use to illuminate the conversion of Indian rupees and Chinese Yuan to Russian rubles.
The sources, who refused to be identified, claim that the practice is a “small but growing” part of the Russian oil trade.
The European Union (EU) sanctioned Russia last month, partly for earlier sanction distribution.
Last week the Russian Crypto exchange Garantex was forced to suspend the activities due to the severity of the sanctions.
“Dear users! We have bad news. Tether has entered the war against the Russian cryptomarket and blocked our wallet worth more than 2.5 billion rubles.
We temporarily suspend all services, including the recordings of cryptocurrency, while our entire team solves this problem.
We fight and will not give up! Keep in mind that all USDT in Russian wallet is currently being threatened. As always we are the first, but not the last. GARANTEX Team. “
According to one of the sources of Reuters, even if the sanctions were lifted and the US dollar was available for Russia to act again, many would probably continue to use crypto because of the ease and transaction speed of technology.
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