Russian oil companies have started using cryptocurrency in international settlements, employing Bitcoin (BTC), Ethereum (ETH), and the stablecoin Tether (USDT). According to anonymous sources, digital assets help simplify the conversion of payments from China and India into rubles.
The scheme works as follows: oil is sold for yuan and rupees, then the funds are exchanged for cryptocurrency, which is further converted into rubles through cryptocurrency exchanges. The share of such transactions is still small, but their volume is constantly growing.
According to the International Energy Agency, in 2024, Russia earned $192 billion from oil sales. Experts suggest that part of this amount — several billion dollars — could have been transferred through cryptocurrency.
Experts note that Russian businessmen are actively using cryptocurrency schemes to circumvent sanctions restrictions. In particular, the stablecoin USDT is popular, with a daily trading volume exceeding $67 billion.
The Central Bank of Russia previously acknowledged difficulties with cross-border payments due to Western sanctions, which may explain the growing interest in digital assets in oil trading.