The chairman of the Russia’s Congressional energy committee, Pavel Zavalny, said in a press conference that Russia is open to accepting bitcoin for exports of its natural resources. Russia can trade with ‘friendly’ countries in national currencies or bitcoin.
Zavalny explained that Russia is open to accepting different currencies for its exports, depending on the buyer’s preferred method of payment, starting with natural gas. However, the chairman said terms will depend on the importing country’s foreign relations status with Russia.
“When it comes to our ‘friendly’ countries, like Turkey or China, 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 “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.”
Zavalny’s statement comes after the President Vladimir Putin’s comments on Wednesday demanding that ‘unfriendly’ countries pay for Russian gas in Russian currency – rubles. Putin’s message was clear, but it is unclear whether Russia can unilaterally change existing contracts agreed upon in euros.
The State Duma’s energy committee suggested that the country should also accept gold for exports.
“When we exchange with Western countries…they should pay in hard money,” Zavalny said. “And hard money is gold, or they must pay in currencies which are convenient for us, and that is the national currency – ruble. That relates to our ‘unfriendly’ countries.”
Putin last year had dismissed the possibility of using crypto as payments – in an interview at the Russian Energy Week event in Moscow.
“I believe that Bitcoin has value,” Putin said at the time, “But I don’t believe it can be used in the oil trade.”
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