Russia leans on cryptocurrencies for oil trade, sources say

While Russia has publicly encouraged the use of crypto and last summer passed a law to allow digital currency payments in international trade, its use in the country’s oil trade has not previously been reported.

One Russian crypto exchange, Garantex, was placed under U.S. sanctions in 2022 and by the European Union last month. The platform suspended services last week after Tether blocked digital wallets on its platform.

Reuters

first published: Mar 14, 2025 01:45 pm

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Russia leans on cryptocurrencies for oil trade, sources say

While Russia has publicly encouraged the use of crypto and last summer passed a law to allow digital currency payments in international trade, its use in the country’s oil trade has not previously been reported.

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