By Ben Aris in Berlin As the US sanctions noose tightens around Russia’s ability to make and receive payments in dollars, Reuters reported for the first time that the major oil firms are increasingly turning to cryptocurrency to settle trade deals.

On this Bloomberg Originals mini-documentary, we explain why the US-led sanctions strategy hasn’t managed to work.

Since Russia’s full-scale invasion of Ukraine three years ago and the subsequent imposition of tough economic sanctions, the Russian economy has unquestionably been under pressure. Problems have been accumulating and Russia does appear to be experiencing gradual economic decline – but not at all to the extent that has been claimed.