The increasing use of cryptocurrencies by Russia in oil trade with its key clients, such as China and India, amidst American sanctions targeting its oil sector. According to sources who have not been disclosed, Russian traders have turned to cryptocurrencies to facilitate the conversion of Chinese yuan and Indian rupees into Russian rubles. While the volume of oil traded in this manner still represents a small part of Russia's total oil exports, this practice is experiencing significant growth. Mechanism of dealing with cryptocurrencies
The process relies on the buyer paying the value of the oil shipment in yuan or rupees to an intermediary company, which deposits the funds into an offshore account. Then, the intermediary company converts the traditional currencies into cryptocurrencies, which are transferred to another account. In the final step, the cryptocurrencies are converted into an account in Russia, where they are converted into rubles. This complex mechanism demonstrates the willingness of the involved parties to circumvent sanctions, reflecting the strong global demand for Russian oil. Cryptocurrencies to avoid sanctions