Russia Proposes Bitcoin for Oil and Energy Exports

Russia is contemplating tackling sanctions through Bitcoin.

Since the Ukraine-Russia conflict began, Russia is facing a barrage of sanctions by several western countries.

To circumvent that, Russia has been trying different methods of payment.

One such measure being proposed is taking payments in bitcoins for oil and other exports, reported BBC.

Duma Deputy Pavel Zavalny suggested Russia can sell gas to the West for Rubles and gold, and to “friendly” countries such as China or Turkey for either national currency or bitcoin.

“We have been proposing to China for a long time to switch to settlements in national currencies for Rubles and yuan,” said Mr Zavalny at a press conference. “With Turkey, it will be Lira and Rubles.”

The Head of the State Duma Committee on Energy added, “You can also trade bitcoins.”

Ruble has been plunging so it may not be a viable option for many countries. Moreover, it is not as widely accepted as USD and will be shunned by the Western World.

So, turning to crypto may be the viable solution for Russia.

Russia is the world’s largest exporter of oil to global markets and the second-largest crude oil exporter, according to International Energy Agency (IEA). Oil and gas exports contribute significantly to its economy. Thus, if it cannot find a way out, the economy would be hurt.

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