Russia Could Accept Bitcoin for Gas Sales Amid Sanctions
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In a press conference on Thursday, chairman of the Russian Congressional energy committee, Pavel Zavalny, said the country will accept bitcoins for its natural resources exports. For its exports, including natural gas, Zavalny said that Russia is open to accepting different currencies, depending on the buyer’s preferred payment method. Despite that, the chairman said that terms would be determined by the country’s foreign relations with Russia.
Unfriendly Countries to Pay for Gas in Rubles
“When it comes to our ‘friendly’ countries, like China or Turkey, which don’t pressure us, then we have been offering them for a while to switch payments to national currencies, like rubles and yuan,” Zavalny said during the press conference. “With Turkey, it can be lira and rubles. So there can be a variety of currencies, and that’s a standard practice. If they want bitcoin, we will trade in bitcoin.” Days ago, Russia asked other countries to pay for their natural gas in rubles. The move was aimed at boosting the value of the Russian currency, which has been declining against the dollar and the euro. It also caused natural gas prices in Europe to spike where Russia has supplied about 45% of imports. According to Marcel Salikhov of the Institute for Energy and Finance in Moscow, the move is meant to be a counter-sanction. In his remarks, he noted that the Kremlin had already ordered exporters to convert 80% of their foreign-currency proceeds into rubles.“It’s difficult, given the current economic situation, for Russian authorities to abandon sales of oil and gas to the Western countries,” Salikhov said. “You can say, ‘We do not trust euros or dollars,’ but economically it’s the same operation. Money is money.”US President Joe Biden banned the import of Russian natural gas to the US, giving a 45-day window to complete contracts. However, European countries have stated plans to reduce dependence on Russian energy but for now, they are still making oil and gas purchases. Energy Minister Alexander Novak warned of a probable “collapse” in energy markets in an address to the Russian Duma on Wednesday, predicting that prices would spike if Russian shipments paused.