Russia is using cryptocurrencies in its oil trade with China and India to dodge Western sanctions, Reuters reported Friday, citing four sources with direct knowledge of the matter. Russia passed crypto mining legislation in August 2024,

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. While Russia has publicly encouraged the use of crypto and last summer passed a law to allow digital currency payments in international trade,

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.

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