ChainCatcher news, according to Jinshi reports, four sources familiar with the matter revealed that Russia is using cryptocurrency in its oil trade with India to circumvent Western sanctions. Although Russia has publicly encouraged the use of cryptocurrency and passed a law last summer allowing digital currencies to be used for payments in international trade, there have been no previous reports of its use in oil trade. The sources stated that some Russian oil companies are using Bitcoin, Ethereum, and stablecoins like Tether to facilitate the process of exchanging Indian rupees for Russian rubles.They also added that while this portion of cryptocurrency transactions accounts for a small share of Russia's total oil trade volume of $192 billion last year (according to the International Energy Agency), it is on the rise. Cryptocurrency has previously helped countries like Iran and Venezuela, which are under U.S. sanctions, maintain their economies while avoiding the use of the dollar (the preferred currency for global oil market transactions).