Russian companies have been using cryptocurrencies like Bitcoin and USDt to facilitate trade with China and India amid international sanctions, according to a Reuters report.

Russian oil companies have used crypto assets including Bitcoin (BTC) and Tether’s USDt (USDT) for international trade, Reuters reported on March 14, citing four sources with direct knowledge of the matter.

One Russian oil trader reportedly conducts tens of millions of dollars worth of monthly transactions using digital assets, according to a source who spoke on condition of anonymity due to a non-disclosure agreement.

While the Russian finance minister publicly declared in late 2024 that Russia is free to use assets like Bitcoin in foreign trade, the use of crypto in oil transactions with China and India had not been previously reported.

Russia’s oil trade in crypto: How does it work?

According to Reuters, Russia’s foreign oil trade in crypto involves intermediaries who manage offshore accounts and facilitate transactions in the buyer’s local currency. One example includes a Chinese buyer of Russian oil that pays a trading company acting as a middleman in yuan into an offshore account.

The middleman then converts payments into crypto assets and transfers it to another account, which then sends it to a third account in Russia and converts it to Russian rubles, sources said.

Crypto will be used no matter of sanctions

According to one of Reuters’ sources, crypto will likely continue to be used in Russia’s foreign oil trading regardless of whether any sanctions are in place and even if the sanctions are lifted and Russia is free to use the dollar.

“It is a convenient tool and helps run operations faster,” the report said, citing the source.

The news comes amid the Bank of Russia officially proposing to legalize cryptocurrency investments for high-net-worth individuals, who have at least least $1.1 million in securities and deposits.

This is a developing story, and further information will be added as it becomes available.

Magazine: Ridiculous ‘Chinese Mint’ crypto scam, Japan dives into stablecoins: Asia Express

XRP (XRP) price is eyeing a breakout from a classic chart pattern in the near future after Ripple acquired its first-ever license in the Middle East.

XRP price chart hints at possible 46% gains

XRP has been consolidating inside a descending triangle pattern since topping out at its seven-year high of $3.40 on Jan. 16. 

After finding support from the triangle’s horizontal line at $2.00, the XRP/USD pair has left behind a sequence of higher lows over the last four days to its upper trendline, as shown in the chart below.

XRP/USD daily chart. Source: Cointelegraph/TradingView

XRP‘s price is now testing the triangle‘s upper trendline at $2.30, raising hopes of a daily candlestick close above this level.

If this happens, XRP could rally toward the $3.00 psychological level, a critical supplier congestion zone that has rejected the price twice in recent times.

A move past this level would push the price toward the next major resistance at $3.27 and later to the multi-year high at $3.40, amounting to a rise between 30% and 46%.

Meanwhile, popular crypto analyst CrediBull Crypto says XRP’s drop to sub-$2.00 levels provided a perfect entry for buyers, targeting profits around $3.40.

Manifest destiny. $XRP https://t.co/Pa2pKSbYHq pic.twitter.com/FyeWfMrw5z

— CrediBULL Crypto (@CredibleCrypto) March 14, 2025

Ripple secures Dubai license

On March 13, Ripple announced that it had secured approval from the Dubai Financial Services Authority, allowing it to offer regulated crypto payment services in the UAE.

Ripple has secured regulatory approval from the Dubai Financial Services Authority (DFSA), making us the first blockchain payments provider licensed in the DIFC. https://t.co/6oHWtnjODr

This milestone unlocks fully regulated cross-border crypto payments in the UAE, bringing…

— Ripple (@Ripple) March 13, 2025

This approval, Ripple’s first in the Middle East, will allow the payments company to tap into the UAE’s $40 billion remittance and $400 billion international trade markets.

Related: Price analysis 3/12: BTC, ETH, XRP, BNB, SOL, ADA, DOGE, PI, LEO, HBAR

Following the announcement, XRP price gained 6% from a low of $2.21 to a high of $2.34 on March 11, reflecting market optimism.

“Ripple’s DFSA license in Dubai’s DIFC marks a game-changer, ” said popular commentator Vincent van Code in a March 13 post on X, adding that it positions the” company as a leader in regulated crypto payments across the UAE’s $40B cross-border market.”

“This could unlock massive potential for XRP, driving adoption and growth as blockchain transforms global finance.”

Ripple’s battle with SEC nears an end

Another potential catalyst for XRP price is the possible end of the SEC’s case against Ripple.

Ripple’s prolonged legal battle with the US Securities and Exchange Commission (SEC) since 2020 over allegations of unregistered XRP sales may be nearing a resolution.

The July 2023 ruling by Judge Torres, deeming XRP not a security for retail sales but fining Ripple $125 million for institutional violations, marked a turning point. Recent reports suggest both parties might drop their appeals, with Ripple negotiating better terms amid a perceived shift in SEC priorities under new leadership.

“The SECGov vs. Ripple case is in the process of wrapping up and could be over soon,” said Fox Business’s Eleanor Terret, citing two unmentioned sources.

Terret explained the SEC could be reconsidering its aggressive crypto enforcement, potentially aligning with a more lenient regulatory stance.

“The argument, I’m told, is that the new SEC leadership is wiping the enforcement slate clean for all previously targeted crypto firms because it believes regulatory clarity will resolve the underlying issue.”

As Cointelegraph reported, several cases against several crypto companies were dismissed in recent weeks, including Coinbase, Robinhood and Kraken, by the new SEC administration under acting Chair Mark Uyeda.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Industry voices have warned that presidentially endorsed cryptocurrencies must adopt stronger investor protections and liquidity safeguards to prevent another major market collapse.

Investor sentiment remains shaken after the Libra (LIBRA) token, which was endorsed by Argentine President Javier Milei, suffered a $4 billion market cap wipeout due to insider cash-outs.

According to blockchain analytics firm DWF Labs, at least eight insider wallets withdrew $107 million in liquidity, triggering the massive collapse.

Source: Kobeissi Letter

To avoid a similar meltdown, tokens with Presidential endorsement will need more robust safety and economic mechanisms, such as liquidity locking or making the tokens in the liquidity pool non-sellable for a predetermined period, DWF Labs wrote in a report shared with Cointelegraph.

The report stated that tokens from high-profile leaders would also need launch restrictions to limit participation from crypto-sniping bots and large holders or whales.

“Limiting bot and whale activity is essential in limiting the impact of individuals acting on insider information to corner a large percentage of the token supply,” according to Andrei Grachev, managing partner at DWF Labs:

“Projects must strive to deliver as fair a launch as possible so that all participants have an equal opportunity to secure an allocation and aren’t disadvantaged by a handful of well-funded or well-informed players claiming the lion’s share of the supply.”

Source: DWF Labs

The Libra scandal resulted in around 74,698 traders losing a cumulative $286 million worth of capital, according to DWF Labs’ report.

The token’s quick meltdown further illustrated the need for liquidity locking, which “ensures that there is sufficient liquidity for users to buy and sell into without high slippage,” Grachev said, adding:

“This is particularly valuable during the launch phase of a token when there is high volatility, ensuring there is sufficient liquidity to satisfy large trades without major price impact.”

DWF Labs’ report comes a week after New York lawmakers introduced legislation aimed at protecting crypto investors from rug pulls and insider fraud after the latest wave of memecoin scams. 

Related: TRUMP, DOGE, BONK ETF approvals ‘more likely’ under new SEC leadership

More transparency needed for token launches

The Libra token’s meltdown illustrates the necessity for more transparent token launch mechanisms, explained DWF Labs’ Grachev, adding:

“These include pre-launch wallet transparency and launchpads conducting and better due diligence on projects.”

“There’s always a degree of risk when launching any token, something which can’t easily be fully mitigated,” he said.

“Nevertheless, by carefully scrutinizing the projects they partner with and taking full advantage of the transparency that is one of blockchain’s core features, launchpads can empower users to make more informed decisions,” he added.

Related: Memecoins: From social experiment to retail ‘value extraction’ tools

More troubling developments have emerged since the meltdown of the memecoin endorsed by the Argentine President, including that Libra was an “open secret” in some memecoin circles that knew about the token’s launch up to two weeks ahead.

Milei has requested the Anti-Corruption Office to investigate all government members, including the president himself, for potential misconduct, according to a Feb. 16 X statement issued by Argentina’s presidential office, Oficina del Presidente.

Milei faces impeachment calls from his political opponents after endorsing the cryptocurrency that turned into a $100 million rug pull.

Magazine: Caitlyn Jenner memecoin ‘mastermind’s’ celebrity price list leaked