Russia has approached Cryptocurrencies to facilitate oil trade with China and India, which effectively circumvent Western sanctions in its $ 192 billion oil trade, Reported Reuters, with reference to sources familiar with the case.

The country has slowly moved deeper into the cryptocurrency room. Just this week, Bank of Russia presented proposals to create an experimentally legal regime (ELR) that lasts three years, enabling a “limited group of Russian investors” to trade with cryptocurrencies.

Some Russian oil companies use Bitcoin, Ether and StableCecoins like Tether (USDT) to convert payments made in Chinese yuan and Indian rupees for rubles, the Reuters report said. These transactions currently represent a fraction of Russia’s oil trade.

Other sanctioned countries, including Iran and Venezuela, have used crypto to maintain trade while avoiding dependence on the US dollar, the dominant currency in global oil markets.

Russia has developed several payment systems to navigate sanctions, and Crypto is one of several tools used by the country. Fiat currency remains the primary method used in Russia’s oil transactions, and other solutions include the use of currencies such as the United Arab Emirates Dirham, Reuters said.

The report also added that even if sanctions were abolished, Russia would probably continue to use crypto in its oil trades as it is seen as a practical, flexible tool. The country, meanwhile, is looking to get its biggest banks to support a digital ruble for retail and commercial use.

Bank of Russia said a ruble -supported central bank’s digital currency could be used as a tool for sanctions back in 2021.

Read more: US-sanctioned countries like Iran lean heavily in Krypto: Chainalysis