Russian companies operating in the commodity sector have found new methods of circumventing international sanctions, using stablecoins and barter agreements. At least two major non-sanctioned metals producers have begun using Tether to settle with Chinese counterparts, sometimes conducting transactions through Hong Kong.
He writes about it Bloomberg.
The strengthening of sanctions by the US and its allies has prompted Russian companies to look for alternative ways of financial transactions. Using stablecoins and barter helps them avoid blocking accounts in foreign banks and ensure continuity of supply.
Although China has not joined the sanctions and is an important trading partner of Russia, financial transactions between the countries have become more difficult due to the threat of secondary sanctions from the US. This forced Russian companies to look for new ways of making payments.
The use of cryptocurrencies to circumvent sanctions is not a new phenomenon. Venezuela, which is also under sanctions, is actively using Tether to pay for oil.
Some Russian companies also resort to barter deals, exchanging goods for goods delivered to Russia, completely avoiding international financial transactions.
