According to four sources, Russia is using cryptocurrency in its oil trade with China and India to bypass Western sanctions. It has never been previously reported that Russia is using cryptocurrency in oil trading, although it has openly stated its use and passed a law allowing it to conduct transactions in digital currencies in international trade last summer.
Sources claim that some Russian oil companies use Bitcoin, Ethereum, and stablecoins like Tether for the conversion of the Chinese yuan and the Indian rupee into the Russian ruble. They added that this is only a small part, but a steadily growing part of the overall volume of Russian oil trading, which amounted to 192 billion dollars last year according to the International Energy Agency.
