Russia Considers Accepting Bitcoin Against International Sanctions

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Last updated March 25, 2022

Russia is considering accepting Bitcoin in US dollars as the default currency for its oil sales instead.

Today is the 30th day of the war between Russia and Ukraine and in this situation Ukraine is not getting direct military support from any of the countries, but Ukraine-friendly countries are constantly imposing restrictions such as financial sanctions against Russia so that Russia can think to invasions in Ukraine.

On March 24, the Russian news media RBC published a report on the new move by the energy department of the Russian Federation to switch to some friendlier payment options.

According to the report, Pavel Zavalny, chief of energy of the Russian Federation, talked about the option of using Turkish lira, Chinese yuan, Russian ruble and Bitcoin to settle the large volume of oil sales with friendly countries like Turkey, China, etc.

Pavel said in the conference:

“We have long proposed China to switch to payments in national currencies of rubles and yuan. With Turkey it will be lira and rubles. The set of currencies may differ, and this is normal. If there are Bitcoins, we will trade Bitcoins.”

Further energy chief said other non-Russian-friendly countries could use gold or the Russian ruble to settle the payments. However, these matters are under consideration and will also give more confidence to all countries that want to continue supplying oil from Russia but are directly or indirectly involved in the international financial sanctions against Russia. Perhaps there was no discussion at the conference about whether they will change the policy or rules for all previous contracts, which were finalized to settle in US dollars or euros.

Under these decisions, Russia will certainly feel better financial confidence because, under the financial sanctions of the EU, UK and US, its SWIFT support has been suspended so that it cannot deal internally with the traditional banking system.

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