Source: Cointelegraph Original: "{title}"

According to Reuters, Russian companies have been using cryptocurrencies like BTC and USDT to facilitate trade with China and India amid international sanctions.

On March 14, Reuters cited four sources with direct knowledge of the matter, stating that Russian oil companies have used crypto assets such as BTC and USDT for international trade.

Reportedly, one source mentioned that a Russian oil trader conducts transactions worth tens of millions of dollars monthly using digital assets. The source requested anonymity due to confidentiality agreements.

Although the Russian Finance Minister publicly announced at the end of 2024 that Russia could freely use assets like BTC in foreign trade, there had been no prior reports of Russia using cryptocurrencies in oil transactions with China and India.

Chinese buyers pay trade companies acting as intermediaries in RMB to offshore accounts for purchasing Russian oil.

The sources said that the intermediaries then convert the payments into crypto assets and transfer them to another account, which subsequently sends them to a third account in Russia and converts them into Russian rubles.

According to one source from Reuters, regardless of sanctions, and even if sanctions are lifted and Russia can freely use the dollar, cryptocurrencies may continue to be used in Russia's foreign oil trade.

The report quoted the source as saying, "It's a convenient tool that helps to conduct business more quickly."

As this news emerges, the Central Bank of Russia has officially proposed legalizing cryptocurrency investments for high-net-worth individuals (those with at least $1.1 million in securities and deposits).

This is a developing story, and we will update the content based on the latest developments.

Related: U.S. Senate Banking Committee Advances the "GENIUS Stablecoin Act"

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