Russia Energy Committee: We Will Take Bitcoin For Gas And Oil

The Russia energy committee announced that they will take Bitcoin for oil and gas at least from China and Turkey as we can see more today in our latest cryptocurrency news today.

Russia energy committee said that oil production kept the country’s economy afloat and contend with sanctions. Vladimir Putin said that the unfriendly countries have to pay for energy in rubles while Pavel Zavalny indicted that Turkey and China will use BTC. The Russian energy committee announced that this week the country will accept BTC for its energy exports. According to a transcript, Zavalny said that the West will either need to pay for oil using rubles or gold while neutral countries like Turkey and China can settle in rubles or their native currencies and add:

“You can also trade Bitcoins.”

The Sanctions from the US and Europe and maybe Japan and South Korea took a toll on the Russian economy. The ruble lost half of the value against the US dollar after the invasion as per the Washington Post but it is now back to 30% lower the pre-war standing. The oil and gas provided the country with a lifeline and Russia export about 10% of the world’s oil and about 40% of the EU natural gas originating in the country.
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While the US and the UK have taken their busienss elsewhere while other countries are hesitant to detach from the Russian pump President Vladimir Putin has the confidence this week to demand the unfriendly countries pay for the commodity in rubles to shore up the national currency.

Zavalny’s pronouncement put a twist on the situation and this is not apparent whether the offer to accept BTC extends to the sanctioning coaliting to China and Turkey. It is something to keep an eye on with BlackRock CEO Larry Fink writing that the war in Ukraine will prompt countries to re-evaluate the currency dependents and consider digital alternatives. It is a bad look for BTC which has been scrutinized for the ability to help Russia to evade sanctions and other consequences for the military actions. But, the Chainalysis co-founder Jonathan Levin said:

 “We have not seen evidence of Russia or Putin systemically using cryptocurrencies to evade sanctions.”

Bitcoin’s digital paper trail combined with some insufficient liqudity and made it very hard to move billions of dollars. Until the West first up its strategy against Russia, it is on the agenda for a meeting between Biden and the EU leaders.