Russia And Its Allies Will Accept Bitcoin Payments For Oil And Gas

The chairman of the Russian Energy Committee said Bitcoin could be a payment if possible. (Photo; Mohd Azrin-Unsplash)

JAKARTA – Recently the Chairman of the Russian Energy Committee Pavel Zavalny stated the possibility of his party accepting oil and gas payments using the cryptocurrency Bitcoin (BTC). However, the BTC payment option is only for allied countries, including China and Turkey.

Zavalny stated that “friendly countries” could pay for energy using Russian Ruble, Chinese Yuan, Turkish Lira, or even Bitcoin instead of US dollars, according to Cointelegraph.

Meanwhile, Russian local media RBC reported that the Chairman of the State Duma Committee on Energy Zavalny made the statement at a press conference on March 24 yesterday. He explained that his party and representatives from China and Turkey had discussed currency changes as a settlement option for energy exports.

“We have long proposed to China to switch to settlements in the national currency of the ruble and the yuan. With Turkey, it would be the lira and the ruble. Currency pools may differ, and this is normal practice. If there is Bitcoin, we will trade Bitcoin.”

This means that energy and gas purchases can be made using payment options other than fiat currency, namely with BTC. Furthermore, Zavalny stated that “unfriendly countries” could pay for oil in rubles or gold.

However, it is not yet known whether Russia will change the terms for European and US countries that pay in euros and US dollars. This decision follows after a number of European countries and the US imposed financial sanctions on Russia which were considered to have invaded Ukraine.

On the other hand, Ukraine has opened crypto donations for the global community who want to help supply military, medical, and other equipment. Donations can be made using a number of cryptocurrencies including Bitcoin, Ethereum, USDT, Solana, Poladot, and Dogecoin. The crypto donation was reported to have crossed IDR 1.5 trillion in early March 2022.