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 using cryptocurrencies in its oil trade with China and India to bypass Western sanctions. This is according to a report from Reuters published on March 14, and which cited multiple sources in the know regarding the matter.

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.

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

As Western sanctions continue to pressure Russia's economy, the nation is increasingly turning to cryptocurrencies to facilitate oil trade with major partners

India's Russian oil imports recovered in March, returning to near usual levels after a 3-month decline, as non-sanctioned vessels were delivering cargoes, while some supplies were diverted from Turkey,

Russia has increasingly turned to cryptocurrencies to facilitate its oil trade with China and India, allowing it to bypass Western sanctions.

Industrial policies are increasingly shaping key sectors such as clean energy, technology, and critical raw materials, raising concerns about distorted competition.

Citing “four sources with direct knowledge of the matter,” the new report claims that some Russian oil companies are using Bitcoin ( BTC ), Ethereum ( ETH) and USDT to ease the conversion of Indian rupees and Chinese yuan to Russian roubles.

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