Russia is considering accepting Bitcoin as payment for oil and energy exports

At a news conference on Thursday, Russian State Duma deputy and Energy Committee chairman Pavel Zavalny advocated Bitcoin and national currencies as payment options for energy exports to "friendly countries" including Turkey and China.

Russia proposes Bitcoin payments for oil and energy exports

Following President Vladimir Putin's recent demand that "unfriendly countries" utilize rubles for such transactions, Zavalny recommended gold and Russia's currency, the ruble, as payment choices for Russia's energy supplies, which the EU refused.

Late last year, Putin stated that cryptocurrencies had worth, but that he did not believe they could be used to trade oil in place of the US dollar.

Since Russia's invasion of Ukraine, the price of oil has risen by more than 18% per barrel, while natural gas has risen by 22.5% as of press time.

Ukraine has legalized the cryptocurrency business and received aid in digital assets throughout the war, but some industry analysts are concerned that Russia would use cryptocurrencies to circumvent financial and economic sanctions.

Before the invasion of Ukraine, Russia's central bank called for a ban on cryptocurrencies, but it has since granted Sberbank, the country's largest bank, a license to trade digital assets.

Russia continues to be a key energy provider to Europe, with several EU member states, such as Germany, opposing a Russian oil embargo.