Russia is reportedly utilizing cryptocurrency and stablecoins in its oil trade with China and India to skirt sanctions from Western countries. Russia publicly encouraged the use of cryptocurrencies and passed a law allowing digital currencies last year.

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 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,

The cryptocurrency scheme currently represents a small fraction of Russia's $192 billion annual oil trade, according to the International Energy Agency, but its usage is reportedly increasing.

The administration of U.S. President Donald Trump has not extended the sanctions waiver that allowed transactions with Russian banks related to trading Russian energy carriers. The decision to terminate this loophole was made by Joe Biden's administration and it expired on Tuesday.

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 uses cryptocurrencies in oil trade with China and India to evade Western sanctions, informs Reuters. Some Russian oil companies use Bitcoin, Ethereum, and stablecoins such as Tether to facilitate the conversion of Chinese yuan and Indian rupees into Russian rubles,