Russia can evade sanction through cryptocurrencies

[Wind_FURY]

They have. Currently their Crude Oil is sold to India for very cheap and discounted prices, then India sells them to Europe, China, and anywhere where it's needed. Because India took the risk, they're making billions from Russian Oil trades. I believe India is using the Ruble for their trades with Russia because they can't use the U.S. Dollar.

If that fails, they could use Gold. But if THAT fails, they could use - ?

If all else fails, sanctioned countries could use Bitcoin. It's said that some government officials from sanctioned countries are already using the cryptocurrency. They could easily buy/sell BTC in a P2P/F2F manner. This allows them to skip centralized exchanges (which are compliant with sanctions) altogether. If Bitcoin was centralized, none of this would've been possible.

Sanctions are just an spectacle from the West. Eventually, western countries will "shake hands" with Russia as if nothing ever happened. That's the hipocrisy of politics. The ones who ultimately pay the price are none other than civilians themselves. Who knows what will happen in the long run?

And once they truly understand Bitcoin's value-proposition, its nature, and therefore its POWER, they might buy as much Bitcoin as they can afford. It will be like that time when merchants and purchasers of the Dark Markets discovered that what they needed was Bitcoin during 2011 but for different nations/governments.

It could start the "Bitcoin Race".

[Sithara007]

As long as China and India are not very keen to join the sanctions regime, it is going to fail (with or without the involvement of cryptocurrency). The NATO bloc imposed a $60 cap on Russian crude oil. What happened to that? Discounts on Russian crude has dropped to $3-$6 per barrel from the level of around $30 per barrel a few months back. And at the battle field, Russia has been making constant territorial gains for the last 7-8 months. As of now, Russia controls 58.51% of Donetsk, 98.31% of Lugansk and 2.50% of Kharkiv.

[legendbtc]

They have. Currently their Crude Oil is sold to India for very cheap and discounted prices, then India sells them to Europe, China, and anywhere where it's needed. Because India took the risk, they're making billions from Russian Oil trades. I believe India is using the Ruble for their trades with Russia because they can't use the U.S. Dollar.

If that fails, they could use Gold. But if THAT fails, they could use - ?

If all else fails, sanctioned countries could use Bitcoin. It's said that some government officials from sanctioned countries are already using the cryptocurrency. They could easily buy/sell BTC in a P2P/F2F manner. This allows them to skip centralized exchanges (which are compliant with sanctions) altogether. If Bitcoin was centralized, none of this would've been possible.

Sanctions are just an spectacle from the West. Eventually, western countries will "shake hands" with Russia as if nothing ever happened. That's the hipocrisy of politics. The ones who ultimately pay the price are none other than civilians themselves. Who knows what will happen in the long run?

Everyone must have missed the latest news related to this.

Recently: Russia has allowed cryptocurrency payments in international trade transactions to combat sanctions from the US and EU. The bill is expected to take effect starting September this year, and with the introduction of cryptocurrencies into international trade payments, this will make US and EU sanctions packages even more useless. 
https://www.reuters.com/technology/russia-launch-international-payments-crypto-before-end-2024-2024-07-30/


Not to mention, even more interesting news is that right after the news that Russia will use cryptocurrency in international trade payments. El Salvador immediately proposed using cryptocurrency as an alternative payment method in international trade payments with Russia.
https://news.bitcoin.com/russian-diplomat-el-salvador-proposes-settling-trade-with-crypto/

[dansus021]

As long as China and India are not very keen to join the sanctions regime, it is going to fail (with or without the involvement of cryptocurrency). The NATO bloc imposed a $60 cap on Russian crude oil. What happened to that? Discounts on Russian crude has dropped to $3-$6 per barrel from the level of around $30 per barrel a few months back. And at the battle field, Russia has been making constant territorial gains for the last 7-8 months. As of now, Russia controls 58.51% of Donetsk, 98.31% of Lugansk and 2.50% of Kharkiv.

I don't like war but Im get your point I mean Russia with or without the sanction the basically can still live freely All the major brand like car and clothes from Europe and America are leaving but it is become a gold rush for other country like China and I do believe that China and India or other asia country gonna join the sanction game because for Asia Russia is big market to farmed on.

I just watched a video from a journalist on youtube that US and Europe still buy oil from Russia through proxy companies and because the oil get discounted other Asia countries see this as an opportunity to buy more.