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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 nations trying to buy oil and fuel from Russia. It is an extension of the Russian authorities’s earlier statement to “unfriendly countries,” (directed towards most European Union member states) saying that they ought to pay for their power with rubles or gold.

The U.S. Sanctions

Both of those bulletins from Moscow are a part of a response to the Biden administration’s White House fact sheet saying that the U.S. will impose sanctions on Russia. Principally, the U.S. sanctions had been designed to impose export controls designed to hinder imports from Russia, block Russian banks from finishing transactions with Western firms in addition to stopping entry to Russian monetary property held at Western monetary establishments.


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