Russia Uses Crypto in Oil Trade With India to Bypass Sanctions

In Brief:

Russia is using cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) in oil trade with India to evade Western sanctions.

This strategy helps convert Indian rupees into Russian rubles, though crypto transactions remain a small share of Russia’s $192 billion oil trade.

‍

According to multiple sources, Russia has begun using crypto to facilitate oil transactions with India, marking a shift in its trade strategy. While Russia legalized crypto for international trade last summer, this is the first reported use of digital assets in oil deals.

By leveraging Bitcoin, Ethereum, and USDT, Russian oil companies are sidestepping Western financial restrictions, enabling smoother currency conversions. Although still a small portion of Russia’s oil trade, this approach is gaining traction, following the crypto strategies previously used by Iran and Venezuela to bypass sanctions.

‍