Russia using Bitcoin, USDt for oil trades with China and India: Report

Russian companies have been using cryptocurrencies like Bitcoin and USDt to facilitate international trade with China and India, according to a Reuters report.Russian oil companies have been using crypto assets like Bitcoin (BTC) and Tether’s USDt (USDT) to accelerate international trades, Reuters reported on March 14, citing four sources with direct knowledge of the matter.One Russian oil trader reportedly conducts tens of millions of dollars worth of monthly transactions using digital assets, according to a source who spoke on condition of anonymity due to a non-disclosure agreement.While the Russian Finance Minister publicly declared that Russia is free to use assets like Bitcoin in foreign trade in late 2025, the use of crypto in oil transactions with China and India has not been previously reported.Russia’s oil trade in crypto: How does it work?According to Reuters, the process of Russia’s foreign oil trade in crypto involves middlemen who manage offshore accounts and facilitate transactions in the local currency of the buyer.One example includes a Chinese buyer of Russian oil that pays a trading company acting as a middleman in yuan into an offshore account.The middleman then converts payments into crypto assets and transfers it to another account, which then sends it to a third account in Russia and converts it to Russian rubles, sources said.Crypto will be used no matter of sanctionsAccording to one of Reuters sources, crypto will likely continue to be used in Russia’s foreign oil trading regardless of whether any sanctions are in place and even if the sanctions are lifted, and Russia is free to use the dollar again.“It is a convenient tool and helps run operations faster,” the report said, citing the source.The news comes amid the Bank of Russia officially proposing to legalize cryptocurrency investments for high-net-worth individuals, who have at least least $1.1 million in securities and deposits.This is a developing story, and further information will be added as it becomes available.Magazine: Ridiculous ‘Chinese Mint’ crypto scam, Japan dives into stablecoins: Asia Express

Mar 14, 2025 - 09:00

Russian companies have been using cryptocurrencies like Bitcoin and USDt to facilitate international trade with China and India, according to a Reuters report.

Russian oil companies have been using crypto assets like Bitcoin (BTC) and Tether’s USDt (USDT) to accelerate international trades, Reuters reported on March 14, citing four sources with direct knowledge of the matter.

One Russian oil trader reportedly conducts tens of millions of dollars worth of monthly transactions using digital assets, according to a source who spoke on condition of anonymity due to a non-disclosure agreement.

While the Russian Finance Minister publicly declared that Russia is free to use assets like Bitcoin in foreign trade in late 2025, the use of crypto in oil transactions with China and India has not been previously reported.

Russia’s oil trade in crypto: How does it work?

According to Reuters, the process of Russia’s foreign oil trade in crypto involves middlemen who manage offshore accounts and facilitate transactions in the local currency of the buyer.

One example includes a Chinese buyer of Russian oil that pays a trading company acting as a middleman in yuan into an offshore account.

The middleman then converts payments into crypto assets and transfers it to another account, which then sends it to a third account in Russia and converts it to Russian rubles, sources said.

Crypto will be used no matter of sanctions

According to one of Reuters sources, crypto will likely continue to be used in Russia’s foreign oil trading regardless of whether any sanctions are in place and even if the sanctions are lifted, and Russia is free to use the dollar again.

“It is a convenient tool and helps run operations faster,” the report said, citing the source.

The news comes amid the Bank of Russia officially proposing to legalize cryptocurrency investments for high-net-worth individuals, who have at least least $1.1 million in securities and deposits.

This is a developing story, and further information will be added as it becomes available.

Magazine: Ridiculous ‘Chinese Mint’ crypto scam, Japan dives into stablecoins: Asia Express