Pavel Zavalny, the Russian Federations Chief of Energy, has proposed the idea of accepting Bitcoin (BTC) as payment for its oil and gas from relatively friendly nations like China and Turkey.
He said that instead of the international standard U.S currency, these nations may begin paying for energy in Russian Rubles, Chinese Yuan, Turkish Liras, or even BTC.
He went on to say that hostile countries might pay for their oil in Rubles or gold. At the moment however, it is unclear if Russia has the authority to amend the terms of current contracts with nations that pay in Euros or U.S dollars.
In related news, Russia has been looking at viable methods to avoid international economic penalties imposed on it for invading Ukraine. Russian banks have since been removed from the SWIFT system, preventing them from settling cross-border payments, and most firms, with the exception of the oil and gas trade, have similarly been barred from doing business with Russia.
Russian Chief of Energy Proposes Accepting Bitcoin For Oil And Gas From Trading Nations
Subscribe to the CryptoWeekly Newsletter
Get the top stories, funding deals, technical analysis, cryptocurrency jobs and much more delivered to your inbox, every Monday morning.
January 13,2025
Saylor Pushes Aggressive Bitcoin Strategy Despite Volatility Concerns
January 13,2025
United Kingdom Enters Global AI Race With New Action Plan
January 13,2025
Everything You Need To Know About AI Agents
January 13,2025
SHIB Forms Head And Shoulders Pattern As Investors Begin To Worry
January 13,2025
Web3 Fundraising Deals - 7th To 13th January 2025
January 12,2025
Bitcoin Hovers Around $94K As Altcoins Continue To Struggle
January 12,2025
Dogecoin Fails To Break Through 4 Hour SMA Resistance
January 11,2025
Senator Lummis To Head New Crypto Subcommittee
January 11,2025
FC Barcelona Teams Up With Cardano To Launch BarçaVerse
January 10,2025
A Restrictive Launch For The Machines Arena On PC And PS5
January 10,2025
USDT Continues To Dominate The Market As Tether Considers AI Filmmaking
January 10,2025