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Cryptocurrency News Articles

Russia's Oil Companies Are Using Bitcoin (BTC) and Tether (USDT) to Trade Oil With China and India - CoinChapter

Mar 15, 2025 at 03:18 am

This article explores how Russian oil companies are using Bitcoin (BTC) and Tether (USDT) to conduct oil trade with China and India.

Russia's Oil Companies Are Using Bitcoin (BTC) and Tether (USDT) to Trade Oil With China and India - CoinChapter

Russian oil companies are using Bitcoin (BTC) and Tether (USDT) to trade oil with China and India, four sources familiar with the transactions told Reuters on March 14.

One Russian oil trader is handling tens of millions of dollars in monthly transactions using cryptocurrencies, a source familiar with the transactions said. The source, who spoke on condition of anonymity as they were not authorized to speak to the press, confirmed that digital assets are playing an increasingly integral role in facilitating international oil trade.

Russia’s finance minister had previously stated in late 2024 that the country can use Bitcoin for foreign trade. However, the use of Bitcoin and USDT in oil transactions with China and India has not been reported before.

How Russia’s Oil Trade With Bitcoin and USDT Works

The use of Bitcoin and USDT in Russia’s oil trade follows a structured process that typically involves intermediaries and offshore accounts. For instance, a Chinese oil buyer pays a trading firm in yuan via an offshore account.

The intermediary then converts the funds into Bitcoin or USDT before transferring them to another account. A second intermediary receives the digital assets and sends them to a Russian account, where they are finally converted into rubles.

This process allows Russian oil firms to settle transactions without needing to use SWIFT or the U.S. dollar for cross-border payments, which can be time-consuming and subject to various restrictions imposed by international sanctions.

Bitcoin and USDT Remain Key in Russia’s Oil Trade

One source familiar with the transactions said that Russia will likely continue using Bitcoin and USDT in its oil trade, even if sanctions are lifted.

“It is a convenient tool and helps run operations faster,” the source said.

The Bank of Russia recently proposed legalizing cryptocurrency investments for high-net-worth individuals who have at least $1.1 million in securities and deposits. This move aligns with Russia’s broader efforts to integrate Bitcoin and USDT into foreign trade.

China Keeps Restrictions on Bitcoin

While Russia expands its use of Bitcoin and USDT, China maintains strict regulations on cryptocurrency. Authorities banned most crypto transactions in 2021 and have kept these restrictions in place.

Despite the ban, China remains one of the largest Bitcoin mining hubs. This contradiction has sparked discussion about the effectiveness of China’s measures to restrict digital assets.

Furthermore, Hong Kong has been positioning itself as a crypto-friendly jurisdiction, aiming to attract global investors.

China’s Bitcoin Holdings Spark Questions

As the United States advances its strategic Bitcoin reserve initiative, some analysts suggest that China could be accumulating Bitcoin as a financial asset.

According to Jan3, a Bitcoin technology company, China’s government is estimated to hold at least 193,000 BTC. This analysis aligns with the fact that despite China’s regulatory stance on cryptocurrencies, Bitcoin has remained a topic of discussion in the country’s financial circles.

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Other articles published on Mar 18, 2025