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Russia to accepts Bitcoin for Oil and Gas purchases from friendly countries

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Bitcoin on laptop

The chairman of the Energy Committee of the State Duma of Russia Federation, Pavel Zavalny said that Russia is open to accepting Bitcoin in addition to currencies by its allies when purchasing its gas and oil, according to Russian news media RBC

"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," Zavaly stated during a conference on Thursday. "With Turkey, it can be lira and rubles.
So there can be a variety of currencies, and that's standard practice. If they want Bitcoin, we will trade in Bitcoin," he added

This move comes after President Vladimir Putin announced that Russia will stop accepting any other form of currency from its unfriendly nations as payment of energy resources requiring them to pay in the ruble.

However, accepting rubles only from unfriendly nations like US and others will see a huge economic hardship for European nations and the standard dollar in response to Russia sanctions placed by NATO.

Russia remains a major energy supplier to Europe, with some EU member states such as Germany opposing a ban on Russian oil.


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