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 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 is using cryptocurrencies to facilitate oil trades with China and India, helping Moscow dodge Western sanctions in its $192 billion oil trade, Reuters has revealed. The previously unreported practice involves Russian oil companies using bitcoin,

Russia is reportedly utilizing cryptocurrency and stablecoins in its oil trade with China and India to skirt sanctions from Western countries. Russia publicly encouraged the use of cryptocurrencies and passed a law allowing digital currencies last year.