Bloomberg: Russia and China circumvent sanctions with cryptocurrency transactions in stablecoins

Bloomberg reports that at least two metallurgical enterprises of the terrorist state of the Russian Federation, which are not under sanctions, are making payments for some cross-border transactions using the Tether stablecoin.

Over the past two years, China has become the main export market for Russian goods. However, financial transactions with the Asian country, which mostly go through Hong Kong, have recently become more complicated. This is largely because the US Treasury Department has threatened secondary sanctions against those who help evade the restrictions already in place.

The circumstances force the occupiers to look for new ways to do business. One of these ways is cryptocurrency. In particular, the USDT stablecoin, which is actively used by metallurgical firms of the aggressor country.

The Central Bank of the Russian Federation has been categorically opposed to crypto assets for many years. However, external circumstances are forcing the occupying regulator to gradually reconsider its position.

Earlier, the Bank of Russia stated that it was open to experiments with the use of digital assets in foreign trade. The relevant draft law was submitted to the State Duma at the end of April.

Earlier, we reported that the terrorist state of Russia and the state sponsor of terrorism Iran are looking for solutions that will help facilitate trade between the countries, and cryptocurrencies are one of them. They are exploring the use of central bank digital currencies (CBDCs) and other digital financial assets.