Tether(USDT) News: Russia Turns to Crypto for Trade with BRICS Allies Amid Sanctions

Amidst severe economic restrictions imposed by the West, Russia is navigating uncharted waters in the global financial landscape. To maintain its economic ties and energy exports, Russia has embarked on a new strategy involving cryptocurrencies like Bitcoin (BTC) and Tether (USDt). Here’s a closer look at how Russia is leveraging crypto to bypass sanctions and continue trading with its BRICS partners.

Russia, BRICS, And Crypto: A New Global Finance Order?

Due to economic restrictions imposed by the West, Russia is exploring new methods for energy trade. Faced with exclusion from the international financial system, Russia has turned to Bitcoin (BTC) and Tether (USDt) to bypass sanctions and ensure continuous oil exports to its BRICS allies. Western sanctions have significantly limited Russia’s ability to trade in conventional currencies, prompting Moscow to seek alternative solutions with its BRICS partners to secure financial flows. Cryptocurrencies like BTC and USDt have become preferred tools for facilitating cross-border payments in this context.

Russia Uses Crypto for Oil Trades with China and India

Russian oil companies are using Tether (USDT) to convert Chinese yuan and Indian rupees to Russian roubles, bypassing Western sanctions and establishing a more independent way to conduct cross-border transactions. Finance Minister Anton Siluanov said the changes started to take effect after the legal framework was amended in August 2024, allowing mining companies to transact with cryptocurrency to overcome trade disruptions caused by Western sanctions and the US war in Ukraine. For example, a Chinese buyer pays a banker offshore in exchange for Russian oil, who then converts the money into crypto and sends it to Russia, where it is finally converted into roubles.

UAE’s Fasset Collaborates with Indonesian Charity Platform for Crypto Donations

Dubai-based crypto trading platform Fasset has announced a partnership with Salam Setara Amil Zakat Institution, Kitabisa’s partner, to launch a crypto zakat service. Through this collaboration, Fasset users in Indonesia will be able to make religious donations using cryptocurrency, specifically USDT. The partnership was marked with the signing of a Memorandum of Understanding in Jakarta on March 18. The collaboration aims to advance the use of blockchain technology in facilitating zakat payments.