The cryptocurrency scheme currently represents a small fraction of Russia's $192 billion annual oil trade, according to the International Energy Agency, but its usage is reportedly increasing.

Russia is using cryptocurrencies in its oil trade with China and India to bypass Western sanctions. This is according to a report from Reuters published on March 14, and which cited multiple sources in the know regarding the matter.

Russia uses cryptocurrencies in oil trade with China and India to evade Western sanctions, informs Reuters. Some Russian oil companies use Bitcoin, Ethereum, and stablecoins such as Tether to facilitate the conversion of Chinese yuan and Indian rupees into Russian rubles,

Russia is using cryptocurrencies in its oil trade with China and India to skirt Western sanctions, according to four sources with direct knowledge of the matter.

Russia is turning to bitcoin and crypto to facilitate oil trades with China and India, circumventing sanctions imposed on Ukraine.

Russia has increasingly turned to cryptocurrencies to facilitate its oil trade with China and India, allowing it to bypass Western sanctions.

Citing “four sources with direct knowledge of the matter,” the new report claims that some Russian oil companies are using Bitcoin ( BTC ), Ethereum ( ETH) and USDT to ease the conversion of Indian rupees and Chinese yuan to Russian roubles.

As Western sanctions continue to pressure Russia's economy, the nation is increasingly turning to cryptocurrencies to facilitate oil trade with major partners

In the first 10 days of March, Russian crude oil loadings for India were at around 590 thousand barrels per day (bpd), lower than 1.14 million bpd to China, showed data from commodity market analytics firm Kpler.

While fiat currencies remain the primary method, crypto is seen as a convenient and flexible tool for transactions.