Russian companies, including major oil traders, are increasingly using cryptocurrencies such as Bitcoin and Tether’s USDT to conduct international trade with China and India.

Citing sources with direct knowledge of the transactions that Russian oil firms are turning to digital assets to circumvent international sanctions.

One oil trader allegedly carries out monthly transactions worth tens of millions of dollars using cryptocurrency, a source confirmed under anonymity due to a non-disclosure agreement.

The shift toward crypto comes after Russia’s finance minister publicly declared in late 2024 that the country was free to use Bitcoin and other digital assets for foreign trade. Although crypto-based deals represent only a fraction of Russia’s $192 billion oil trade, sources described the trend as growing.

A typical transaction involves a Chinese buyer paying a middleman in yuan, who then converts the funds into cryptocurrency before transferring them to a Russian account, where they are exchanged for rubles.

Through this growing adoption, the Bank of Russia has proposed legalising cryptocurrency investments for high-net-worth individuals, defined as those holding at least $1.1 million in securities and deposits.

Source: NEWSCENTRAL