Russia is turning to bitcoin and crypto to facilitate oil trades with China and India, circumventing sanctions imposed on Ukraine.

Russia is increasingly using Bitcoin, Ether, and stablecoins like Tether in its oil trade with China and India. Finance Minister Anton Siluanov previously confirmed that

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,

Russia is using cryptocurrencies in its oil trade with China and India to skirt Western sanctions, according to four sources with direct knowledge of the matter. While Russia has publicly encouraged the use of crypto and last summer passed a law to allow digital currency payments in international trade,

While fiat currencies remain the primary method, crypto is seen as a convenient and flexible tool for transactions.

Russia is using cryptocurrencies in its oil trade with China and India to dodge Western sanctions, Reuters reports citing unnamed sources. As reported by bne IntelliNews, Russia passed legislation on crypto mining in August 2024,

Russia is utilizing cryptocurrencies like bitcoin, ether, and stablecoins in its oil trade with China and India to bypass Western sanctions. This practice assists in converting currencies such as Chinese yuan and Indian rupees into Russian roubles.