Russia Is Using Crypto to Evade Sanctions in Oil Trade – Here’s How

Since President Donald Trump Donald Trump   Donald J. Trump is a US-based entrepreneur, Pro-crypto Politician, and the 45th and 47th President of the United States of America. He understands the importance and needs of the modern fintech world, and people look up to him as a dominant pro-crypto leader.   Quick Facts   Full name Donald John Trump Birth 14-06-1946, New York, United States Nationality American Education BS from the University of Pennsylvania Known For Businessman, Pro-Crypto Politician   Once doubtful about Bitcoindominance, he said in a tweet in 2019, “I am not a fan of Bitcoin", but now has a significant amount of cryptocurrency holdings in his kitty. He has also signed an Executive Order to establish a Strategic Bitcoin Reserve, which highlights his commitment to the future of cryptocurrency.   Donald Trump - Career Highlights & Events   2016 – Elected as the 45th President of the United States from the Republican Party.   2017 – Signed the Tax Cuts and Jobs Act, impacting investment environments   2019 – Criticized Bitcoin and Libra on X, dubbing them as "not money"   2024 – Campaign signals potential openness to crypto-friendly reforms   2025 –  Elected as the 47th President of the United States from the Republican Party.   A meme coin, $TRUMP, is associated with Donald Trump, which is listed on the Solana blockchain platform. His family also backs World Liberty Financial (WLF), a crypto venture.     President took the oath of office earlier this year, the administration has put in place efforts to reset the bilateral relations with Russia. Furthermore, the Kremlin has pressured the war in Ukraine to force the Western countries to lift their sanctions.

However, Russia has heavily leaned towards the members of the BRICS nation – led by China, and India – to enhance its international trade. The desire to dethrone the U.S. dollar as a global reserve currency has kept the BRICS movement intact.

Russia’s Oil Trade Revolution Powered by Crypto Assets

According to a report by Reuters, Russia is using crypto assets in its oil trade with China and India to navigate the Western sanctions. According to close sources on the matter, some Russian oil companies are using Bitcoin (BTC), Ethereum (ETH), and stablecoins to streamline the international forex trades of the Chinese Yuan, Indian Rupees, and Russian Roubles. 

The announcement follows a recent move by the U.S. DoJ to seize the Russian Garantex exchange, for allegedly enabling money laundering and violating sanctions. Earlier this week, police in the Indian state of Kerala arrested Aleksej Besciokov for his involvement in the Garantex exchange and soon will face the charges in the United States.

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Market Implication

The use of crypto assets to facilitate the Russian oil trade business will have a profound effect on their market outlook. More countries that have been sanctioned by the United States and Western countries will follow in the same direction. 

Moreover, cryptocurrencies offer a seamless transfer of value 24/7 365 days a year compared to the rigid traditional banking sector. Consequently, the rising demand for Bitcoin and Ethereum will fuel the underlying macro-bullish outlook. Already, the United States has signaled the adoption of Bitcoin, Ethereum, and other crypto assets in its strategic crypto reserve.