Russia trades oil with China, India using cryptocurrencies

Russian companies are now using cryptocurrencies like Bitcoin and Tether's USDT for oil trades with China and India, according to a recent Reuters report. This marks a shift as the use of crypto in these transactions had not been previously disclosed. Transactions involve intermediaries who manage offshore accounts, allowing buyers to pay in local currencies. The middleman converts these payments into crypto, which is then sent to Russia and exchanged for rubles. Despite international sanctions, sources indicate that Russia will likely continue using crypto for oil trading. Meanwhile, China remains restrictive on cryptocurrencies, having banned most transactions since 2021, although it still leads in Bitcoin mining.