Russia is turning to bitcoin and crypto to facilitate oil trades with China and India, circumventing sanctions imposed on Ukraine.

Russian companies have been using cryptocurrencies like Bitcoin and USDt to facilitate trade with China and India amid international sanctions, according to a Reuters report. Russian oil companies have used crypto assets including Bitcoin (BTC) and Tether’s USDt (USDT) for international trade,

Citing “four sources with direct knowledge of the matter,” the new report claims that some Russian oil companies are using Bitcoin ( BTC ), Ethereum ( ETH) and USDT to ease the conversion of Indian rupees and Chinese yuan to Russian roubles.

Russia's oil trade, a $192 billion market, has seen increased use of cryptocurrencies as companies look to evade US sanctions

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,

Russia is increasingly using Bitcoin, Ether, and stablecoins like Tether in its oil trade with China and India. Finance Minister Anton Siluanov previously confirmed that

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.