Russia’s State Duma allowed for the sale of energy resources for bitcoins

Russia may switch to settlements in cryptocurrencies or national currencies because of the inability to conduct transactions in dollars and euros, Deputy Pavel Zavalny stated

24.03.2022 - 13:30

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What’s new? Head of the State Duma Budget Committee Pavel Zavalny said that Russia can sell energy resources to other states for bitcoins. He added that “unfriendly countries” would pay for supplies in rubles, while for “friendly countries” the Russian Federation can switch settlements to their national currencies (yuan, lira, dinar), Finmarket reports.

Information on the Finmarket website

What does the head of the committee say? Zavalny noted that the issue of switching settlements into rubles for the sale of resources to “unfriendly countries” is relevant. He attributed this to the disruption of the possibility of settlements in dollars and euros because of the Western sanctions. The head of the committee stressed that “unfriendly countries” would be able to buy gas not only with rubles but also with gold. Zavalny added:

“As for “friendly countries” such as China or Turkey, which are not involved in this sanctions pressure. We have been proposing to China for a long time, and measures have been taken, to switch to settlements in national currencies for rubles and yuan. [...] The currency can be different and this is normal practice. If will be bitcoins, we will trade in bitcoins. This is absolutely normal practice.”

What had happened before? On February 21, the Ministry of Finance of the Russian Federation submitted a draft federal law “On Digital Currency” to the government. It prescribes the norms of the previously approved concept of regulating the cryptocurrency market.

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