Russia Switches to Crypto in Oil Trade ...Middle East

OILPRICE - Economy
Russia Switches to Crypto in Oil Trade
source : OILPRICE ( Middle East ) () 83
Russia is increasingly using cryptocurrencies in its oil trade with top clients China and India amid U.S. sanctions, Reuters has reported, citing unnamed sources, who said Russian oil traders were using the cryptocurrencies to facilitate the conversion of yuans and rupees into rubles. For now, the amount of oil traded with cryptocurrencies is a small portion of Russia’s total, the sources told Reuters, but it is growing. Russia’s total oil trade last year amounted to $912 billion, according to the International Energy Agency. Cryptocurrencies…

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