365Crypto
Sanctions? No Problem for Crypto
Russian oil companies have turned to Bitcoin and USDt for international trade. This move helps them bypass global sanctions.
According to Reuters, four sources confirmed that Russian firms are using crypto to trade oil with China and India. One trader reportedly moves tens of millions of dollars in crypto transactions every month.
How It Works
It’s a multi-step process. A Chinese buyer pays a middleman in yuan. That money goes into an offshore account.
The middleman converts it into Bitcoin or USDt. Then, the crypto is sent to another account. Finally, it reaches Russia and gets exchanged for rubles.
This method keeps transactions fast, flexible, and harder to track.
Russia’s Official Stance on Crypto Trade
In late 2024, Russia’s finance minister confirmed that Bitcoin could be used in foreign trade. But its role in oil deals with China and India was unknown—until now.
One source told Reuters that crypto will remain a tool for trade, no matter what. Even if sanctions are lifted, it’s just too convenient to stop using.
China’s Complicated Relationship with Bitcoin
Russia is embracing crypto for business, but China is still cautious.
In 2021, China banned nearly all crypto transactions. Yet, it remains a leader in Bitcoin mining, creating some awkward contradictions.
Meanwhile, Hong Kong has gone the other way, welcoming crypto and becoming a major hub.
Bitcoin’s Global Power Play
As the U.S. builds its Bitcoin reserves, experts believe China will take notice. Reports suggest the Chinese government could already hold at least 193,000 BTC.
