Russia adopts Bitcoin and Ethereum for the oil trade with the nations of the BRICS to escape sanctions

From the president Donald Trump Donald Trump Donald Trump is a former politician, businessman and American media personality, who was the 45th President of the United States between 2017 and 2021. Trump obtained a baccalaureate in economics in the University of Pennsylvania in 1968. Trump Hillary Clinton as losing republican popular vote. As president, Trump ordered the ban on traveling to citizens in several Muslim majority countries, has diverted military funding towards the construction of a wall on the American-Mexican border and has implemented a policy of separation of families. Trump has remained an eminent figure of the Republican Party and is considered a probable candidate for the 2024 presidential election President Oath earlier this year, the administration has set up efforts to reset bilateral relations with Russia. In addition, the Kremlin put pressure on the war in Ukraine to force Western countries to raise their sanctions.

However, Russia has strongly leaned towards members of the Brics nation – led by China and India – to improve its international trade. The desire to dethrone the US dollar as a global reserve currency maintained the BRICS movement intact.

Russian oil trade revolution propelled by cryptographic assets

According to a report of ReutersRussia uses cryptographic assets in its oil trade with China and India to navigate Western sanctions. According to close sources on the issue, some Russian oil companies use Bitcoin (BTC), Ethereum (ETH), And the stablecoins to rationalize the international Forex professions of the Chinese Yuan, Indian rupees and Russian rubles.

The announcement follows a recent decision of the United States MJ to seize the Russian Guarantor ExchangeFor pretending to allow money laundering and a violation of sanctions. Earlier this week, Indian Kerala’s police police arrested Aleksej Bisciokov for his involvement in the Guarantex exchange and will soon face accusations in the United States.

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Market involvement

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

Moreover, cryptocurrency Offer a transparent transfer of value 24/7 365 days a year compared to the rigid traditional banking sector. Consequently, the growing demand for Bitcoin and Ethereum will feed the underlying macro-bullines. Already, the United States has pointed out the adoption of Bitcoin, Ethereum and other crypto assets in its Strategic cryptography reserve.