Russia begins using cryptocurrencies like Bitcoin and Ethereum for oil settlements with China and India, bypassing Western sanctions and increasing transaction flexibility

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Russia has started using cryptocurrencies for oil settlements with China and India to bypass Western sanctions, Reuters reports. This method currently accounts for a small share of total oil trade, but its volume is growing. Oil buyers from China and India pay in yuan or rupees, after which the money is converted into cryptocurrencies such as Bitcoin, Ethereum, or Tether, and exchanged for rubles in Russia. Russia will continue using cryptocurrencies even after sanctions are lifted, due to their speed and flexibility.

This material was prepared by Khachatur Davtyan, developed and translated by artificial intelligence.

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