Internet reports that according to four sources familiar with the situation, Russia is using cryptocurrency in its oil trade with India to circumvent Western sanctions. Although Russia publicly encourages the use of cryptocurrencies and passed a law last summer allowing digital currencies for payments in international trade, there have been no previous reports of its use of cryptocurrencies in the oil trade. Sources said that some Russian oil companies are using stablecoins such as Bitcoin, Ethereum and Tether to facilitate the process of converting Indian rupee into Russian rubles. They also added that although this part of cryptocurrency trading accounted for a small proportion of Russia's total oil trade worth US$192 billion last year (according to the International Energy Agency), it was showing a growing trend. Cryptocurrencies have previously helped countries like Iran and Venezuela that are subject to U.S. sanctions keep their economies afloat while avoiding the use of the U.S. dollar, the preferred currency for global oil market transactions. (Jin Shi)