Pavel Zavalny, Leader of the Energy Committee of the State Duma, revealed that digital assets were a payment alternative for allied nations.
Amid mounting economic sanctions against Russia, the government has revealed that the possibility of selling energy resources in exchange for digital assets is still alive. This information came from an official member of the State Duma, the subordinate house of the Russian Federal Assembly.
On Thursday, the State Duma Energy Committee Chairman, Pavel Zavalny, highlighted that Russia might start receiving payments in different assets for its exports, creating with oil and natural gas. The parliamentarian clarified that the terms will depend on the state of foreign relations of the importing country but that Bitcoin could be an alternative for allies nations to purchase Russian goods.
The statement arrived during a press conference on the situation in the energy sector in Russia and on world energy markets. The Bitcoin Magazine and Digital media outlets released the official words. He said that Russia offered friendly nations like China or Turkey to switch payments to national assets, like rubles and yuan. When it comes to Turkey, the exchange can get done both in lira and rubles.
Bitcoin Would Become a Payment Option for Russian Oil
Navalny’s comments arrived just a day after Russian President Vladimir Putin revealed that he would start requiring unfriendly nations to pay for their Russian gas purchases in rubles.
The president’s remarks caused market chaos, and gas prices in Europe soared on concerns that the move would aggravate the region’s energy crisis. Putin spoke Tuesday during a meeting with top government ministers that got televised by national media, CNBC reported.
The Russian leader stated that Russia would continue to bring natural gas according to the established volumes and prices in previously concluded contracts; the changes will only affect the payment currency, which would switch to Russian rubles.
At Wednesday’s conference, the Chairman of the Energy Committee reflected on Putin’s decision, adding that the country should also receive other assets. According to Bitcoin Magazine, in addition to Bitcoin, Zavalny proposed to obtain gold.
Although the Russian president’s message was blunt, it is unclear whether Russia can effectively unilaterally change the existing contracts.
On the other hand, Bitcoin payments for energy resource trading remain unclear. Last year, Putin had already ruled out such use during an interview for CNBC, in which he said that he couldn’t believe that digital assets could be helpful in the sector.
Meanwhile, authorities in the United States of America and the European Union have reiterated that the punishments applied on Russia expand their tentacles to digital currencies such as Bitcoin. Faced with concerns that Russia may use digital assets to avoid financial penalties, Western allies have been strengthening their rules to obstruct avenues of entry into the market.
By: Jenson Nuñez
