Catenaa, Friday, March 14, 2025-Russia is increasingly using cryptocurrencies in its oil trade with China and India, leveraging digital assets to streamline cross-border transactions, according to report filed by the Reuters said.1
While Russia has encouraged crypto adoption and passed legislation allowing digital payments in international trade, this is the first time its use in oil transactions has been reported.
According to four sources, Russian oil firms use Bitcoin, Ethereum, and stablecoins like Tether (USDT) to convert Chinese yuan and Indian rupees into rubles, enabling faster and more efficient settlements.
Russia’s $192 billion oil trade remains largely conducted in traditional currencies, but crypto usage is growing. A Chinese buyer typically pays a middleman in yuan, who converts it to crypto before transferring funds to Russian accounts for ruble conversion, sources said.
Cryptocurrencies are becoming an increasingly valuable tool for global trade, particularly for countries looking to diversify away from traditional banking systems.
Venezuela has also expanded crypto use in oil trade as part of broader financial modernization. Russia has built multiple alternative financial networks, with USDT as one option, said a researcher tracking blockchain adoption.
Despite efforts to regulate crypto payments, the US and EU sanctioned Russian exchange Garantex, which recently suspended operations after Tether blocked its wallets. However, analysts expect crypto’s role in global energy markets to expand, offering more flexibility in international transactions.
- reuters.com: https://www.reuters.com/business/energy/russia-leans-cryptocurrencies-oil-trade-sources-say-2025-03-14/[↩]
