US Treasury Eases Russian Oil Sanctions as Bitcoin Holds Above $72K

The U.S. Treasury Department issued a 30-day waiver on sanctions for Russian oil shipments on Thursday, in a bid to keep global energy prices from exceeding $100 per barrel. Meanwhile, Bitcoin held firm at the $72,320 level, with its network hash rate remaining near all-time highs at 930 EH/s. Key Takeaways: * **OFAC Issues 30-Day Wind-Down for Stranded Russian Crude** Bloomberg energy reporter Javier Blas was first to report the waiver, initially targeted at India: Source: @JavierBlas on X GL 134 expands the scope from just India to any country willing to purchase the stranded cargo. * **Oil Prices Dip Below $100 But Remain Elevated** * **Russia Increasingly Using Bitcoin in Oil Settlements** * **Bitcoin Network Health Contrasts Extreme Fear Sentiment** On-Chain Data:

Crypto Fear & Greed Index at 15 (Extreme Fear). Source: Alternative.me * **Energy Prices, Inflation, and Bitcoin's Macro Position** Elevated oil prices directly impact inflation expectations, which has historically put pressure on risk assets, including Bitcoin. Brent crude prices above $100 would increase input costs across the global economy, complicating any move by the Federal Reserve to pivot to rate cuts. However, the easing of sanctions also highlights a structural shift. Each time Western nations turn sanctions on or off, it reinforces the value proposition of a neutral settlement layer, ungoverned by any single government. Bitcoin and stablecoins are already filling this void in Russian oil trade. Looking Ahead: GL 134 Expires April 11, Energy Risks Remain This 30-day waiver creates a narrow window. If tensions in the Strait of Hormuz escalate further before April 11, the Treasury may face pressure to extend GL 134 or expand its scope. Each extension would effectively loosen the sanctions regime that is pushing Russia toward crypto settlement. The intersection of energy geopolitics and Bitcoin's role as a settlement layer is no longer theoretical. It is happening in real-time at Russian oil terminals, Chinese RMB exchanges, and Indian refineries making payments.