Russian Firms Turn to Crypto for China Commodities Trade

Some unsanctioned firms use Tether stablecoin for transactions

Russian companies face issues with settling cross-border deals

Russian commodities firms struggling to execute financial transactions with Chinese counterparts have started tapping a new method for settling deals — stablecoins.

At least two top metals producers, both of which are unsanctioned, have begun to use Tether Holdings Ltd.’s stablecoin and some other cryptocurrencies to settle some of their cross-border transactions with mostly Chinese clients and suppliers, top executives at the companies said, declining to be identified as the information isn’t public. In some cases, the settlemen