Russia May Accept Payments In Bitcoin For Natural Resources Export

Russia is mulling over accepting BTC payments in exchange for its natural resources.
Russia May Accept Payments In Bitcoin For Natural Resources Export

In a press conference held on Thursday, Chairman of the country’s Congressional energy committee, Pavel Zavalny added that Russia is open to accepting different currencies, mentioning Bitcoin as a possible payments substitute in exchange for its natural gas resources.

Russia may accept BTC payments for its Natural Gas Trade

Amid sanctions, Russia is considering accepting cryptocurrency payments for business, starting with its natural gas exports.

While attending a press conference on Thursday, Pavel Zavalny, Chairman of Russia’s Congressional energy committee stated that Russia is open to accepting different currencies for its exports, starting with the natural gas trade. Zavalny later added that the region is open to accepting any currency and that the terms of the business will depend on whether the country is on friendly terms with Russia or not. 

“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,” Zavalny said during the press conference. “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.” Zavalny said in the press conference.

Zavalny’s recent comments have brought forth Russia’s previous stance on Bitcoin where President Putin had rejected Bitcoin’s use as payments in the oil trading domain.

“I believe that it has value,” Putin added, referring to Bitcoin “But I don’t believe it can be used in the oil trade.

Russia is seeking new currencies to initiate trading as the country at present is battling intense financial sanctions imposed by the West.

Zavalny’s comments have also impacted the price of Bitcoin which has reportedly shot up 4% in the last 24 hours and is currently trading at $44,411.

Juhi Mirza
Juhi Mirza is an archaeology major who is obsessive about blockchain/Crypto technology and deems it to be the foundational philosophy of the future. Her dogged ability to research and crystallize technical facts/multiple perspectives into riveting stories makes her an accessible finance writer. Contact: Juhi.Mirza [at]