**Russia Turns to Cryptocurrency for International Trade Amid Sanctions**
Russia is increasingly using Bitcoin and other digital currencies for international payments, according to a report by Reuters. This shift comes as Western sanctions have limited Russia’s access to traditional financial markets.
Chinese banks had been key facilitators of Russia’s trade with China. However, they have curtailed transactions in recent months due to fears of losing access to US financial markets. As a result, roughly 80% of Russian payments in Chinese yuan were reportedly rejected or returned by mid-2024.
Russia has responded to the sanctions by allowing cryptocurrencies in foreign trade. The country‘s Finance Minister, Anton Siluanov, confirmed that domestically mined Bitcoin is being used in foreign trade under an experimental framework.
“Such transactions are already occurring,” Siluanov said, emphasizing that digital currencies could become a key tool in international payments.
**Ukraine Conflict Escalates**
The conflict between Russia and Ukraine continues to escalate. On Christmas Day, Russian forces launched a mass attack on Ukraine, resulting in over 1,600 casualties for the Russian military. The Ukrainian President, Volodymyr Zelensky, denounced the attack and emphasized that “Christmas should be a time of peace.”
Ukraine has also suffered losses in its efforts to counter Russian aggression. On December 25, a plane operated by Azerbaijan Airlines was hit by a Russian missile, killing everyone on board.
**Ukraine’s Center for Strategic Communications**
Ukraine’s Center for Strategic Communications released a statement condemning the Russian attack and emphasizing that “this fire strike is part of a comprehensive campaign to weaken the ability of the Russian Armed Forces to coordinate military operations against the people of Ukraine.”
The international community has condemned Russia’s actions. Moldova, Kazakhstan, and Azerbaijan have all denounced the attack and expressed solidarity with Ukraine.
Meanwhile, President-elect Donald Trump‘s nominee for Ukraine peace envoy, Keith Kellogg, denounced Russia’s mass attack on early Christmas morning.
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