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
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.
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