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 using cryptocurrencies in its oil trade with China and India to skirt Western sanctions, according to four sources with direct knowledge of the matter.

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.

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.

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.

Russia is using cryptocurrencies to facilitate oil trades with China and India, helping Moscow dodge Western sanctions in its $192 billion oil trade, Reuters has revealed. The previously unreported practice involves Russian oil companies using bitcoin,

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.