Russian businesses are turning to cryptocurrency for trade deals with China and India.
According to a Reuters report on March 14, with international sanctions limiting traditional payment options, digital assets like Bitcoin
$84,212.76
and Tether
$0.9987
are being used to settle transactions.
Citing four sources, the report states that Russian oil companies use crypto to process payments for exports. One trader is said to handle transactions worth tens of millions of dollars each month through digital currencies.
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According to Reuters, these deals involve intermediaries who manage offshore accounts and convert payments. In one example, a Chinese buyer transfers yuan to a middleman’s offshore account, which is then converted into crypto and sent through multiple accounts before being exchanged for Russian rubles.
One source suggested that crypto’s role in oil trade will likely continue, even if sanctions are lifted, and Russia regains access to traditional financial systems. The source noted that digital assets provide a convenient and fast way to settle payments.
Although Russia’s finance minister confirmed in December 2024 that the country could use Bitcoin for foreign trade, its role in oil transactions with China and India had not been widely known until now.
Meanwhile, President Donald Trump’s executive order is expected to boost institutional and government confidence in Bitcoin investment. How? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
