Russia is using cryptocurrencies for its oil trade with India, bitcon, vladimir putin, china, ukraine

Many western countries banned Russia after the attack on Ukraine. This made it difficult for Russia to do international business. Vladimir Putin -led country is using cryptocurrency to escape from western countries in its oil trade with India and China.

A one of reates Report Sources have been quoted as saying that some Oil companies of Russia are using cryptocurrency like Bitcon and Ether for easily conversion in India’s rupee and Chinese yuan. According to the International Energy Agency, Russia’s oil trade last year was about $ 192 billion. Iran and Venezuela have also helped Cryptocurrency in continuing their foreign trade despite US sanctions. Venezuela has increased the use of cryptocurrencies to get payment in exchange for export of crude oil. Russia is also included in Bitcoin mining countries.

The Central Bank of Russia refused to comment on this. Last year, Russia said that the delay in payments due to restrictions has become a major challenge for its economy. However, there have been some positive indications from the US about Russia. American President Donald Trump has pressured Ukraine to stop the war.

At the end of last year, Russia had said that it is using Bitcoin for international payments. However, Ukraine had said that it would attempt to ban the use of Russia’s bitcoin for international trade. Russia’s Finance Minister Anton Siluanov had reported that Russian companies are using cryptocurrency to avoid restrictions from Western countries. Ukraine President Volodymyr Zelenskyy’s advisor, Vladyslav Vlasiuk, said that his country had alerted its international partners about the Russia’s plan. Earlier, Russia had allowed the use of cryptocurrencies to change the laws by changing the laws and dealing with the restrictions of Western countries. Russia’s trade has also increased since then.