The chairman for energy of the State Duma, Pavel Zavalny, told the media that the Russian Federation could trade with “friendly” countries in national currencies or bitcoins.
Payment in cryptocurrency
At a press conference held on March 24, Pavel Zavalny stated that when it comes to the export of natural resources (especially natural gas), Russia will most likely Accept payments in bitcoins.
The energy chairman stressed that his country is flexible in this regard and considers the payment preferences of counterparties. However, Russia’s foreign relations with the importing country will not be insignificant for the terms of trade.
“Friendly” and “unfriendly” countries
Among Russia’s “friendly” countries, Zavalny mentioned China and Turkey, both of which have not joined the international boycott of the Russian economy. Russia Offers them payments in national currencies, such as the ruble and yuan in China or the ruble and lira in Turkey. But it is also open to payments in bitcoin, as Zavalny emphasized.
Members of the Russian elite have previously demanded that “unfriendly” countries (i.e. those that have imposed economic sanctions on the Russian Federation) pay for gas imported from Russia in rubles. According to Zavalny, in addition to the national currency, Russia should also accept gold from “unfriendly” countries.
Cryptocurrency policy change
Last year, Vladimir Putin was skeptical about bitcoin and other cryptocurrencies – it is worth mentioning in this context the interview he gave at the Russian Energy Week event – now, for obvious reasons, he approves the idea of accepting payments in BTC.
The Russian president realizes that this is the last resort to save the country’s economy. However, the question arises whether the shaky-priced bitcoin, which in many parts of the world has still not received the status of a full-fledged means of payment, can be used on such a large scale in international trade.