Will Russia Actually Trade Oil For Bitcoin?


On Thursday, March 24, Pavel Zavalny, Chairman of the Energy Committee of the Russian State Duma, announced payment terms for countries seeking to buy oil and gas from Russia. It is an extension of the Russian government previous statement to “hostile countries” (addressed to most member states of the European Union) saying that they should pay for their energy with rubles or gold.

US sanctions

Both announcements from Moscow are part of a response to the politics of the Biden administration White House Fact Sheet saying that the United States will impose sanctions on Russia. Primarily, the US sanctions were designed to impose export controls designed to hinder imports from Russia, block Russian banks from completing transactions with Western companies, and prevent access to Russian financial assets in Western financial institutions. .

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