Russia Turns to Cryptocurrencies in Oil Trading

International

21-03-2025, 18:29

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Follow-up - INA

Reuters revealed that Russia is using cryptocurrencies in its oil trade with China and India to circumvent Western sanctions.

The agency added, "Russia has never used cryptocurrencies in oil trading, although it publicly encourages their use and passed a law last summer allowing digital currency payments in international trade."

Reuters stated, "Some Russian oil companies are using Bitcoin, Ether, and stablecoins such as Tether to facilitate the conversion of Chinese yuan and Indian rupees into Russian rubles," adding, "This is a small but growing portion of Russia's total oil trade, which reached $192 billion last year, according to the International Energy Agency."

The Russian move comes after Venezuela rushed to use cryptocurrencies in its crude oil and fuel exports following the United States' reimposition of sanctions.