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Russia using Bitcoin, USDt for oil trades with China and India: Report

Russian companies have been using cryptocurrencies like Bitcoin and USDt to facilitate trade with China and India amid international sanctions, according to a Reuters report.

Russian oil companies have used crypto assets including Bitcoin (BTC) and Tether’s USDt (USDT) for international trade, Reuters reported on March 14, citing four sources with direct knowledge of the matter.

One Russian oil trader reportedly conducts tens of millions of dollars worth of monthly transactions using digital assets, according to a source who spoke on condition of anonymity due to a non-disclosure agreement.

While the Russian finance minister publicly declared in late 2024 that Russia is free to use assets like Bitcoin in foreign trade, the use of crypto in oil transactions with China and India had not been previously reported.

Russia’s oil trade in crypto: How does it work?

According to Reuters, Russia’s foreign oil trade in crypto involves intermediaries who manage offshore accounts and facilitate transactions in the buyer’s local currency. One example includes a Chinese buyer of Russian oil that pays a trading company acting as a middleman in yuan into an offshore account.

The middleman then converts payments into crypto assets and transfers it to another account, which then sends it to a third account in Russia and converts it to Russian rubles, sources said.

Crypto will be used no matter of sanctions

According to one of Reuters’ sources, crypto will likely continue to be used in Russia’s foreign oil trading regardless of whether any sanctions are in place and even if the sanctions are lifted and Russia is free to use the dollar.

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

The news comes amid the Bank of Russia officially proposing to legalize cryptocurrency investments for high-net-worth individuals who have at least $1.1 million in securities and deposits.

Bitcoin remains highly restricted in mainland China

While Russia has been increasingly open to Bitcoin, including its use in foreign trade, mainland China has maintained a cautious and restrictive approach toward cryptocurrency.

Since banning virtually all crypto transactions in 2021, authorities in mainland China have maintained a restrictive agenda on crypto, while neighboring jurisdiction Hong Kong has emerged as a global crypto hub.

Related: Indian authorities arrest alleged Garantex founder for US extradition

Despite the restrictions, mainland China has remained one of the global leaders in Bitcoin mining, raising controversy over the application of its crypto ban.

Russia using Bitcoin, USDt for oil trades with China and India: Report

Source: Jan3

As the United States moves forward with its strategic Bitcoin reserve initiative, some industry observers believe China will not ignore Bitcoin’s growing role in the global financial landscape.

According to data from the Bitcoin technology company Jan3, the Chinese government may be holding at least 193,000 BTC.

Magazine: Ridiculous ‘Chinese Mint’ crypto scam, Japan dives into stablecoins: Asia Express

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Clampdown on social media ads for Channel crossings unveiled

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Clampdown on social media ads for Channel crossings unveiled

Anyone who advertises Channel crossings or fake passports on social media could face up to five years in prison under new government plans.

Research suggests about 80% of migrants arriving to the UK by small boat used internet platforms during their journey – including to contact agents linked to smuggling gangs.

While it is already illegal to assist illegal immigration, ministers hope the creation of a new offence will give police more powers and disrupt business models.

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Small boat crammed with migrants in Channel

Home Secretary Yvette Cooper is also planning to introduce a fast-track scheme to tackle the asylum backlog, meaning decisions will be made within weeks.

It comes as official figures show more than 25,000 people have arrived on small boats so far in 2025 – a record for this point in the year.

Ms Cooper said it is “immoral” for smugglers to sell false promises online, adding: “These criminals have no issue with leading migrants to life-threatening situations using brazen tactics on social media.

“We are determined to do everything we can to stop them, wherever they operate.”

More on Asylum

The new offence prohibiting the online promotion of Channel crossings is set to be included in the Border Security, Asylum and Immigration Bill already going through Parliament.

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More migrants arrive in Dover

Officials from the National Crime Agency already work with tech giants to remove such posts – with more than 8,000 taken offline last year.

A Preston-based smuggler who was jailed for 17 years had posted videos of migrants thanking him for his help.

Meanwhile, Albanian smugglers have created promotions for £12,000 “package deals” which claim to offer accommodation and a job in the UK on arrival.

The Conservatives have described the measures as “too little, too late” – and say automatic deportations are the only way to tackle small boat crossings.

Shadow home secretary Chris Philp said: “Labour still has no clear plan to deter illegal entry, no effective enforcement and no strategy to speed up removals. This is a panicked attempt to look tough after months of doing nothing.”

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Waves and kisses from asylum hotel window

It comes as protests outside hotels believed to be housing asylum seekers continue in towns and cities across the UK.

Several demonstrators were detained – with police breaking up brief clashes – outside the Thistle City Barbican Hotel in north London yesterday.

The government is legally required to provide accommodation and subsistence to destitute asylum seekers while their claims are being decided, most of whom are prohibited from working.

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China’s crypto liquidation plans reveal its grand strategy

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China’s crypto liquidation plans reveal its grand strategy

China’s crypto liquidation plans reveal its grand strategy

China’s plan to liquidate confiscated crypto through Hong Kong exchanges isn’t simply a policy — it’s to control global digital asset markets and outmaneuver the US.

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Make ‘significant adjustments’ to Online Safety Act, X urges govt

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X criticises Online Safety Act - and warns it's putting free speech in the UK at risk

The Online Safety Act is putting free speech at risk and needs significant adjustments, Elon Musk’s social network X has warned.

New rules that came into force last week require platforms such as Facebook, YouTube, TikTok and X – as well as sites hosting pornography – to bring in measures to prove that someone using them is over the age of 18.

The Online Safety Act requires sites to protect children and to remove illegal content, but critics have said that the rules have been implemented too broadly, resulting in the censorship of legal content.

X has warned the act’s laudable intentions were “at risk of being overshadowed by the breadth of its regulatory reach”.

It said: “When lawmakers approved these measures, they made a conscientious decision to increase censorship in the name of ‘online safety’.

“It is fair to ask if UK citizens were equally aware of the trade-off being made.”

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What are the new online rules?

X claims the timetable for platforms to meet mandatory measures had been unnecessarily tight – and despite complying, sites still faced threats of enforcement and fines, “encouraging over-censorship”.

More on Online Safety Bill

“A balanced approach is the only way to protect individual liberties, encourage innovation and safeguard children. It’s safe to say that significant changes must take place to achieve these objectives in the UK,” it said.

A UK government spokesperson said it is “demonstrably false” that the Online Safety Act compromises free speech.

“As well as legal duties to keep children safe, the very same law places clear and unequivocal duties on platforms to protect freedom of expression,” they added.

Users have complained about age checks that require personal data to be uploaded to access sites that show pornography, and 468,000 people have already signed a petition asking for the new law to be repealed.

In response to the petition, the government said it had “no plans” to reverse the Online Safety Act.

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Why do people want to repeal the Online Safety Act?

Reform UK’s leader Nigel Farage likened the new rules to “state suppression of genuine free speech” and said his party would ditch the regulations.

Technology Secretary Peter Kyle said on Tuesday that those who wanted to overturn the act were “on the side of predators” – to which Mr Farage demanded an apology, calling Mr Kyle’s comments “absolutely disgusting”.

Regulator Ofcom said on Thursday it had launched an investigation into how four companies – that collectively run 34 pornography sites – are complying with new age-check requirements.

Read more from Sky News:
British children who drowned off Spain named
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These companies – 8579 LLC, AVS Group Ltd, Kick Online Entertainment S.A. and Trendio Ltd – run dozens of sites, and collectively have more than nine million unique monthly UK visitors, the internet watchdog said.

The regulator said it prioritised the companies based on the risk of harm posed by the services they operated and their user numbers.

It adds to the 11 investigations already in progress into 4chan, as well as an unnamed online suicide forum, seven file-sharing services, and two adult websites.

Ofcom said it expects to make further enforcement announcements in the coming months.

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