Chinese state oil companies are shying away from Russian oil this month, with two importers halting purchases while two others scaled back volumes as they assess compliance following recent U.S. sanctions on Moscow,

"They are taking a break for now while contemplating if there are ways to work around," a source told Reuters.

The cryptocurrency scheme currently represents a small fraction of Russia's $192 billion annual oil trade, according to the International Energy Agency, but its usage is reportedly increasing.

While fiat currencies remain the primary method, crypto is seen as a convenient and flexible tool for transactions.

Russia is using cryptocurrencies in its oil trade with China and India to bypass Western sanctions. This is according to a report from Reuters published on March 14, and which cited multiple sources in the know regarding the matter.

Russia is using cryptocurrencies to facilitate oil trades with China and India, helping Moscow dodge Western sanctions in its $192 billion oil trade, Reuters has revealed. The previously unreported practice involves Russian oil companies using bitcoin,

The administration of U.S. President Donald Trump has not extended the sanctions waiver that allowed transactions with Russian banks related to trading Russian energy carriers. The decision to terminate this loophole was made by Joe Biden's administration and it expired on Tuesday.