Russia has been hit hard by Western financial sanctions since it launched its offensive in Ukraine. They are trying to keep the economy afloat. The country is selling oil to various countries including India. This is not the end, they say, they will sell oil and gas in bitcoin or rubles to friendly countries.
Pavel Zavalni, head of the parliamentary committee on Ukraine, said Russia was considering accepting cryptocurrencies and the ruble as a means of exporting oil and gas to friendly countries.
Earlier last week, Russian President Vladimir Putin said he wanted to sell oil and gas in rubles to non-friendly countries. The Russian ruble has depreciated by 20 percent since the start of the invasion of Ukraine. They have decided to pull up the falling currency. We have been proposing to China for a long time - let's use the ruble and the yuan instead of the dollar in international trade. There is even talk of transactions with Turkey through lira and ruble. . David Broadstock, a senior research fellow at the Institute of Energy Studies in Singapore, said Russia was quickly feeling the effects of the sanctions. Bitcoin can be a medium for transactions within the ban. The value of Bitcoin has risen by 30 percent this year. About 5 percent of transactions against the dollar and the euro also took place through cryptocurrencies. However, Bitcoin is more risky than other currencies.
Prices of basic commodities have risen dramatically in Russia since the war began. . However, there is some shortage in the supply of products in the market. For that, Russian citizens have to stand in long queues in front of the shop to buy products. Digital currency expert Ross S. Delston said: "There is already a growing trend among Russians to invest in cryptocurrencies. They are relying on Bitcoin to avoid future risks. "He said the United States was well aware of the problem. Because, a few months ago, a warning was given by the Treasury Department of that country, saying that digital currencies are reducing the effectiveness of American sanctions.
Houthis attack Saudi oil reserves
Yemen's Houthi rebels have launched a major offensive against Saudi Arabia's energy storage facilities. The bomber struck shortly after noon in front of a Jeddah-based oil station in Saudi Arabia's state-owned oil company Aramco. It caught fire in two stocks. The bomber struck shortly after noon in front of a Jeddah Formula One Saudi Arabian Grand Prix.
Cold-rolled black smoke billows from the city on the shores of the Red Sea. Iran-backed Houthis have stepped up attacks on Saudi oil installations in recent weeks ahead of a temporary ceasefire on the eve of the holy month of Ramadan. An eyewitness told Reuters that smoke billowed from the race circuit. Houthi's military spokesman Yahya Saria said the missiles were aimed at Aramco's installations in Jeddah and the drones were aimed at the Ras Tanura and Rabig refineries. In addition, "important installations" in the capital, Riyadh, were targeted. Earlier, Saudi media reported that a number of Houthi drones and missiles had been intercepted by the country's military alliance. A ballistic missile fired at Jizan also destroyed the Saudi missile defense system. This caused a temporary fire in a power supply center.
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