Russia settles Urals crude cargoes in Bitcoin via Dubai commodity desk

Russian state oil trader Rosneft settled three Urals crude cargoes totaling 4.2 million barrels through a Dubai-based commodity desk using Bitcoin, bypassing both the dollar and the SWIFT network. The transactions were confirmed by blockchain forensics firm Elliptic, which traced the payments to wallets previously linked to Russian trade entities. The cargoes delivered to Indian refiners at Mundra and Vizag. The U.S. Treasury designated the Dubai desk as a sanctioned entity within hours. But the Bitcoin had already moved. Sanctions work when money moves through channels you control. Bitcoin does not have channels. It has blocks.