Will Russia Actually Trade Oil For Bitcoin?

On Thursday, March 24, Pavel Zavalny, chairman of Russia’s State Duma Committee for Energy, announced payment terms for countries looking to purchase oil and gas from Russia. It is an extension of the Russian authorities earlier statement to “unfriendly countries,” (directed toward most European Union member states) saying that they should pay for their energy with rubles or gold.

The US Sanctions

Both of these announcements from Moscow are part of a response to the Biden administration’s White House fact sheet saying that the US will impose sanctions on Russia. Principally, the US sanctions were designed to impose export controls designed to prevent imports from Russia, block Russian banks from completing transactions with Western companies as well as preventing access to Russian financial assets held at Western financial institutions.

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