Russia is using cryptocurrencies in its oil trade with India to circumvent Western sanctions, according to four sources with knowledge of the matter. Although Russia has publicly encouraged the use of cryptocurrencies and passed a law last summer allowing the use of digital currencies for payments in international trade, its use of cryptocurrencies in oil trade has not been previously reported. Some Russian oil companies are using stablecoins such as bitcoin, ether and Tether to facilitate the process of converting Indian rupees into Russian rubles, the sources said. They added that cryptocurrency transactions accounted for a small but growing share of Russia's total oil trade worth $192 billion (according to the International Energy Agency) last year. Cryptocurrencies have previously helped countries like Iran and Venezuela, which are subject to U.S. sanctions, keep their economies afloat without using the U.S. dollar, the currency of choice for transactions in global oil markets.