ADVERTISEMENT
  • Africa
  • World
  • Our Shows
    • Entrepreneurship
    • Destination Business
    • 101business TV Show
Business 360 News
  • Home
  • Africa
    • East Africa
    • West Africa
    • South Africa
  • News
    • Feature
  • Economy
    • Maritime
    • Agriculture
      • Agribusiness
    • Energy
      • Electricty
      • Oil
      • Petrol
      • Gas
  • Finance
    • Insurance
    • Tax
    • Real Estate
  • Capital Market
  • Tech
    • ICT
    • Solar Energy
    • Electric Vehicles
    • Blockchain
    • IoT
    • AI
    • EV
  • SMEs
    • Success Stories
    • Start-Ups
    • Entrepreneurship
  • Global Economy
    • UK
    • US
    • Russia
    • CHINA
    • Japan
  • Business 360 Weekly
No Result
View All Result
  • Home
  • Africa
    • East Africa
    • West Africa
    • South Africa
  • News
    • Feature
  • Economy
    • Maritime
    • Agriculture
      • Agribusiness
    • Energy
      • Electricty
      • Oil
      • Petrol
      • Gas
  • Finance
    • Insurance
    • Tax
    • Real Estate
  • Capital Market
  • Tech
    • ICT
    • Solar Energy
    • Electric Vehicles
    • Blockchain
    • IoT
    • AI
    • EV
  • SMEs
    • Success Stories
    • Start-Ups
    • Entrepreneurship
  • Global Economy
    • UK
    • US
    • Russia
    • CHINA
    • Japan
  • Business 360 Weekly
No Result
View All Result
Business 360 News
No Result
View All Result
Home Economy

Russia Turns to Cryptocurrencies for Oil Trade Amid Sanctions

Business 360 by Business 360
March 14, 2025
in Economy
0
Bitcoin hits record as Mastercard, BNY Mellon embrace Crypto

Russia turns to cryptocurrencies, such as Bitcoin and Tether’s USDT, to navigate its foreign oil trade, particularly with China and India.

Prominent Russian oil companies are now using digital assets to facilitate tens of millions of dollars worth of monthly transactions, sources familiar with the matter revealed.

As reported by Reuters on March 14, this shift has been accelerating, driven by the need to bypass financial restrictions imposed by Western governments.

A Russian oil trader confirmed the use of cryptocurrencies for major transactions, with one source describing monthly trades involving tens of millions of dollars.

Russia’s growing embrace of digital currencies in foreign trade became public in late 2024 when the country’s finance minister declared that Bitcoin and other cryptocurrencies could be freely used in foreign trade.

However, the specific role of digital assets in oil transactions with key buyers like China and India had not been widely discussed until now.

The process is facilitated by intermediaries who manage offshore accounts and convert payments into cryptocurrencies. In a typical transaction, a Chinese buyer pays a middleman in yuan, which is then converted into cryptocurrency.

This crypto is transferred through several accounts until it reaches Russian counterparts, where it is converted into rubles.

While the use of digital assets still represents a small fraction of Russia’s massive $192 billion oil trade, it is seen as a growing trend. A source within the Russian oil trade explained that crypto transactions are advantageous as they help operations run faster and more smoothly.

This method is also expected to continue, regardless of external sanctions.

In a broader context, Russia’s use of cryptocurrencies aligns with similar moves by other sanctioned nations like Iran and Venezuela, both of which have adopted digital currencies to bypass traditional financial systems, especially to avoid reliance on the U.S. dollar.

Despite these advances, Russia’s oil trade still heavily depends on traditional currencies, with alternative methods, such as using the UAE dirham, also playing a role. However, cryptocurrency is increasingly viewed as a viable tool for circumventing financial restrictions, making it a fixture in Russia’s evolving global trade strategy.

Tags: #DigitalAssets#OilTrade#RussiaCrypto#Sanctions
Previous Post

Central Bank of Nigeria Appoints 16 New Directors in Strategic Leadership Reshuffle

Next Post

Aliko Dangote Foundation Launches N16 Billion Food Intervention Project to Aid One Million Nigerians

Business 360

Business 360

Next Post
Aliko Dangote Foundation Launches N16 Billion Food Intervention Project to Aid One Million Nigerians

Aliko Dangote Foundation Launches N16 Billion Food Intervention Project to Aid One Million Nigerians

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest
FMDQ Exchange Admits Flour Mills of Nigeria’s ₦30.00bn Commercial Paper Notes

FMDQ Admits TSL SPV PLC ₦12.00 billion Series 1 Guaranteed Fixed Rate Infrastructure Bond to its Platform

March 11, 2021
NCAC inaugurates Creative Industry Sub-Committees

NCAC inaugurates Creative Industry Sub-Committees

September 20, 2020
#EndSARS: Protesters receive heavy gun fire at Lekki toll gate

#EndSARS: Protesters receive heavy gun fire at Lekki toll gate

October 21, 2020
SMEs in Nigeria must be ready to grow with or without Government …Evans Edozie, C.E.O., Cospharma Nig. Ltd.

SMEs in Nigeria must be ready to grow with or without Government …Evans Edozie, C.E.O., Cospharma Nig. Ltd.

September 21, 2020
‘The existence of a production hub in Nigeria will go a long way for the Fashion Industry’. FUNMI RUFAI LADIPO, President Fashion Designers Association of Nigeria.(FADAN)

‘The existence of a production hub in Nigeria will go a long way for the Fashion Industry’. FUNMI RUFAI LADIPO, President Fashion Designers Association of Nigeria.(FADAN)

25
Goldlink’s restructures board

Goldlink’s restructures board

10
Airtel Africa Plc gets admitted to the NSE Main Board

Airtel Africa Plc gets admitted to the NSE Main Board

6
Stallion Tank Farm resumes operations

Stallion Tank Farm resumes operations

3
Nigeria’s External Debt Servicing Hits $2.01bn in First Four Months of 2025

Nigeria’s External Debt Servicing Hits $2.01bn in First Four Months of 2025

May 22, 2025
Oyetola Advocates for Nigeria’s Inclusion in IMO Council During Diplomatic Meeting with French Ambassador

Oyetola Advocates for Nigeria’s Inclusion in IMO Council During Diplomatic Meeting with French Ambassador

May 22, 2025
Fidelity Bank CEO Increases Stake Amid Legal Scrutiny, Demonstrates Confidence in Bank’s Stability

Fidelity Bank CEO Increases Stake Amid Legal Scrutiny, Demonstrates Confidence in Bank’s Stability

May 22, 2025
AFEX, GTB Resolve Legal Dispute as Court Adopts Settlement Terms

AFEX, GTB Resolve Legal Dispute as Court Adopts Settlement Terms

May 21, 2025
Business 360 News

Business 360 News is a Business and Financial News Platform with an SMEs drive. Published by 360 Network Limited, and created with the aim of disseminating unbiased business stories to readers within and outside Nigeria, providing in-depth analysis of our stories from a critical perspective against the backdrop of realities, actualities, objectivity and balance.

Follow Us

Browse by Category

  • Africa
  • Agribusiness
  • Agriculture
  • AI
  • Art
  • Arts
  • Aviation
  • Banking
  • Blockchain
  • Business 360 Weekly
  • Business news
  • Business Travels
  • Capital Market
  • CHINA
  • Corporate
  • Cryptocurrency
  • Destination Business
  • East Africa
  • Economy
  • Education
  • Electric Vehicles
  • Electricty
  • Energy
  • Entertainment
  • Entertainment
  • Entrepreneurship
  • EV
  • Fashion
  • Fashion
  • Feature
  • Finance
  • Gas
  • Global Economy
  • Health
  • Hospitality
  • ICT
  • Insurance
  • IoT
  • Lifestyle
  • Luxury
  • Maritime
  • Meetings
  • Mortgage
  • News
  • NGOs
  • Oil
  • Petrol
  • Political Economy
  • politics
  • Real Estate
  • Real Estate
  • SMEs
  • Society
  • Solar Energy
  • South Africa
  • Sports
  • Start-Ups
  • Stocks
  • Success Stories
  • Tax
  • Tech
  • Tourism
  • Transportation
  • UK
  • Uncategorized
  • US
  • World

Recent News

Nigeria’s External Debt Servicing Hits $2.01bn in First Four Months of 2025

Nigeria’s External Debt Servicing Hits $2.01bn in First Four Months of 2025

May 22, 2025
Oyetola Advocates for Nigeria’s Inclusion in IMO Council During Diplomatic Meeting with French Ambassador

Oyetola Advocates for Nigeria’s Inclusion in IMO Council During Diplomatic Meeting with French Ambassador

May 22, 2025
  • Africa
  • World
  • Our Shows

© Business 360 News - Business, Finance And SMEs News | Design by Manifest!

No Result
View All Result
  • Home
  • Africa
    • East Africa
    • West Africa
    • South Africa
  • News
    • Feature
  • Economy
    • Maritime
    • Agriculture
      • Agribusiness
    • Energy
      • Electricty
      • Oil
      • Petrol
      • Gas
  • Finance
    • Insurance
    • Tax
    • Real Estate
  • Capital Market
  • Tech
    • ICT
    • Solar Energy
    • Electric Vehicles
    • Blockchain
    • IoT
    • AI
    • EV
  • SMEs
    • Success Stories
    • Start-Ups
    • Entrepreneurship
  • Global Economy
    • UK
    • US
    • Russia
    • CHINA
    • Japan
  • Business 360 Weekly

© Business 360 News - Business, Finance And SMEs News | Design by Manifest!