Employees at the central processing plant for oil and gas at the Salym Petroleum Development oil fields near the Bazhenov shale formation in Salym, Russia, cross beneath pipelines leading to oil storage tanks.

Russia is exploring accepting bitcoin as payment for its oil and gas exports in the face of intensifying sanctions from Western international locations over its invasion of Ukraine.

Russia Is Willing To Be More Flexible With Cost Options

In a recorded press conference on Thursday, the chairman of Russia’s Duma Committee on energy stated in translated remarks that Russia is willing to be more flexible with cost options in comparison to “friendly” countries like China or Turkey.

“We’ve been suggesting to China for a long time to move to settlements in national currencies for rubles and yuan,” the Chairman stated. It’ll be lira and rubles with Turkey.”

According to Navalny, you can trade in bitcoin, and the buyer’s national fiat currency – as well as bitcoin – has been considered as an alternative.

Bitcoin has risen about 4% in the last 24 hours to around $44,000, the highest level since Zavalny’s statements.

“If they want to buy, let them pay in hard currency, which is gold for us, or pay in whatever currency is most convenient for us, which is the national currency,” the chairman of vitality stated.

Conclusion

Since Russia sent soldiers into Ukraine, European countries and the United States have slapped harsh sanctions on the country. However, considering its reliance on Russian gas, the European Union is split on whether or not to restrict Russia’s energy sector.

Russian gas contributes for over 40% of total European gas consumption. EU gas imports from Russia have ranged from 200 million to 800 million euros ($880 million) per day this year.

Putin stated that the government and central bank would have one week to come up with a plan for converting operations to Russian currency and that Gazprom would be required to make the necessary contract adjustments.

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