Russia considering accepting Bitcoin against international sanctions

Russia is considering to accept Bitcoin instead to US dollar as a standard currency for its oil sales. 

Today is the 30th day of the Russia vs Ukraine war and in this situation, Ukraine is not getting direct Military support from any of the countries but Ukraine-friendly countries are continuously imposing restrictions like financial Sanctions on Russia so that Russia can think to stop its invasions on Ukraine. 

On 24 March, Russian news media RBC published a report on the new move of the Russian Federation’s energy department to shift on some better friendly payment options. 

According to the report, Pavel Zavalny, Energy Chief of the Russian Federation, talked about the option to adopt Turkish Lira, Chinese Yuan, Russian Ruble, and Bitcoin to settle its high amount of oil sales with friendly countries like Turkey, China, etc. 

Pavel said in the conference: 

“We have been proposing to China for a long time to switch to settlements in national currencies of rubles and yuan. With Turkey, it will be lira and rubles. The set of currencies can be different, and this is normal practice. If there are Bitcoins, we will trade Bitcoins.”

Further Energy chief said that other non-Russian-friendly countries may use Gold or the Russian Ruble to settle the payments. However these things are under consideration and also will give better confidence among all countries, which want continues supply of oil from Russia but are involved directly or indirectly with the international financial sanctions on Russia. Perhaps no discussion took place in the conference whether they will change any policies or rules on all past contracts, which were finalized to settle in US dollar or Euro.

Under these decisions, Russia will feel surely better confidence financially because, under the EU, UK, and US financial sanctions, its SWIFT support has been suspended, so it can’t deal internally with the traditional banking system. 

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