Russia isn’t waiting around for financial restrictions to ease. According to Reuters, Russian oil companies are sidestepping global sanctions by settling deals with Bitcoin and Tether’s USDt in trade with China and India. One oil trader is reportedly moving tens of millions of dollars in crypto transactions every month, according to a source speaking anonymously due to an NDA.
Russia’s finance minister made it clear in late 2024 that the country was free to use Bitcoin for foreign trade, but this is the first time reports have confirmed that energy exports are running on crypto rails.
How Russia’s Crypto-Powered Oil Trade Works
It’s not as simple as sending Bitcoin from one wallet to another—there’s a whole network of intermediaries making it happen. According to Reuters, a Chinese buyer starts by paying a trading firm in yuan, which is deposited into an offshore account. That money is then flipped into Bitcoin or USDt, passed through another account, and finally converted into rubles in Russia.
Crypto Trade Rolls On, Sanctions or Not
A source told Reuters that even if sanctions disappeared tomorrow, Russia wouldn’t drop crypto payments. “It is a convenient tool and helps run operations faster.” In other words, digital assets aren’t just a workaround—they’re the new normal.
Meanwhile, Russia is warming up to crypto at home. The Bank of Russia is pushing to legalize cryptocurrency investments for high-net-worth individuals, while China continues its cautious crackdown—despite still being a major Bitcoin mining hub.
At the time of writing, Bitcoin is sitting at $83,139.94.
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