Russia Turns to Crypto for Oil Trade with China and India

Amid international sanctions, Russian firms have turned to cryptocurrencies like Bitcoin and Tether’s USDt for trade with China and India.

Oil companies in particular have embraced digital assets, with some processing millions in monthly transactions through crypto, according to a Reuters report.

While Russia’s finance minister confirmed in late 2024 that Bitcoin could be used in foreign trade, its role in oil deals with China and India was previously undisclosed.

To facilitate these transactions, intermediaries handle offshore accounts and convert payments into crypto before routing funds to Russia, where they are exchanged for rubles. One source suggested that even if sanctions were lifted, crypto would remain a preferred tool due to its efficiency.

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Meanwhile, the Bank of Russia is considering allowing wealthy investors to legally access cryptocurrencies, signaling a shift in policy.

Despite China’s strict stance on digital assets, it remains a major player in Bitcoin mining. Observers speculate that as global adoption grows, particularly with U.S. initiatives like a strategic Bitcoin reserve, China may eventually reconsider its approach. Reports suggest the Chinese government could be holding at least 193,000 BTC.

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Alexander Stefanov