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. While Russia has publicly encouraged the use of crypto and last summer passed a law to allow digital currency payments in international trade,

Chinese buyers are back in the market for Russia’s ESPO crude, thanks to prices that have cooled as shippers and middlemen find workarounds to help blunt the impact of US sanctions.

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,

Chinese state oil companies are shying away from Russian oil this month, with two importers halting purchases while two others scaled back volumes as they assess compliance following recent U.S. sanctions on Moscow,

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

While fiat currencies remain the primary method, crypto is seen as a convenient and flexible tool for transactions.

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.