Battered with sanctions for initiating war against Ukraine, Russia is now mulling to accept Bitcoins as a payment for oil and gas exports.

In a news conference on Thursday, Russian lawmaker Pavel Zavalny reportedly said that it is willing to be flexible with payments when it comes to “friendly” countries such as China or Turkey.

Zavalny, who is also the chair of Russia’s Duma committee on energy, said that the national fiat currency of the buyer, as well as Bitcoin, were being considered as alternative ways to pay for Russia’s energy exports.

"We have been proposing to China for a long time to switch to settlements in national currencies for rubles and&nbsp;yuan," Zavalny said, according to the translation. \

"With Turkey, it will be lira and rubles." "You can also trade bitcoins," he added.

The price of the cryptocurrency reportedly spiked when the news reports of Zavalny’s remarks first came up yesterday.

The remarks come a day after Russian President Vladimir Putin said Moscow will accept only rubles as payments for gas exports from “unfriendly nations”.

Also read |&nbsp;<a href="https://www.wionews.com/world/eu-us-sign-mega-lng-deal-in-an-attempt-to-curb-reliance-on-sanctions-hit-russia-465514" hreflang="en">EU, US sign mega LNG deal to curb reliance on sanctions-hit Russia</a>

The list of countries includes the United States, European Union member states, Britain, Japan, Canada, Norway, Singapore, South Korea, Switzerland and Ukraine.

Echoing Putin’s remarks, Zavalny said, “If they want to buy, let them pay either in hard currency, and this is gold for us, or pay as it is convenient for us, this is the national currency.”

Also read |&nbsp;<a href="https://www.wionews.com/world/putin-says-will-accept-only-rubles-for-gas-sales-to-unfriendly-nations-464927">Putin says will accept only rubles for gas sales to ‘unfriendly nations’</a>

Energy is the single most important source of income for Russia. In 2021, the oil and gas trade brought in $119 billion in revenue for the country, according to&nbsp;Reuters.

Russia has been looking for an alternative payment system mechanism ever since it was&nbsp;blocked from using the international&nbsp;SWIFT payment system.

Earlier this week, European Central Bank President Christine Lagarde highlighted that the Russian private sector is&nbsp;using crypto to bypass Western sanctions.

Watch |&nbsp;Ukraine-Russia conflict: Putin says Russia to only take gas payments in rubles

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(With inputs from agencies)

Battered with sanctions for initiating war against Ukraine, Russia is now mulling to accept Bitcoins as a payment for oil and gas exports. In a news conference on Thursday, Russian lawmaker Pavel Zavalny reportedly said that it is willing to be flexible with payments when it comes to “friendly” countries such as China or Turkey.

Battered with sanctions for initiating war against Ukraine, Russia is now mulling to accept Bitcoins as a payment for oil and gas exports. In a news conference on Thursday, Russian lawmaker Pavel Zavalny reportedly said that it is willing to be flexible with payments when it comes to “friendly” countries such as China or Turkey. Zavalny, who is also the chair of Russia’s Duma committee on energy, said that the national fiat currency of the buyer, as well as Bitcoin, were being considered as alternative ways to pay for Russia’s energy exports. "We have been proposing to China for a long time to switch to settlements in national currencies for rubles and yuan," Zavalny said, according to the translation. \ "With Turkey, it will be lira and rubles." "You can also trade bitcoins," he added. The price of the cryptocurrency reportedly spiked when the news reports of Zavalny’s remarks first came up yesterday. The remarks come a day after Russian President Vladimir Putin said Moscow will accept only rubles as payments for gas exports from “unfriendly nations”. Also read | EU, US sign mega LNG deal to curb reliance on sanctions-hit Russia The list of countries includes the United States, European Union member states, Britain, Japan, Canada, Norway, Singapore, South Korea, Switzerland and Ukraine. Echoing Putin’s remarks, Zavalny said, “If they want to buy, let them pay either in hard currency, and this is gold for us, or pay as it is convenient for us, this is the national currency.” Also read | Putin says will accept only rubles for gas sales to ‘unfriendly nations’ Energy is the single most important source of income for Russia. In 2021, the oil and gas trade brought in $119 billion in revenue for the country, according to Reuters. Russia has been looking for an alternative payment system mechanism ever since it was blocked from using the international SWIFT payment system. Earlier this week, European Central Bank President Christine Lagarde highlighted that the Russian private sector is using crypto to bypass Western sanctions. Watch | Ukraine-Russia conflict: Putin says Russia to only take gas payments in rubles (With inputs from agencies)

Russian lawmaker says considering Bitcoin payments for oil exports from ‘friendly’ nations

In a major blow to the Western countries, President Vladimir Putin has said that Russia will only accept rubles for gas deliveries from “unfriendly” countries.

Despite sanctions announced on the Russian gas, several European nations have been importing from Moscow via Ukraine.

Russian energy giant Gazprom on Monday said that the requests stood at 104.7 million cubic meters for March 21, reports Reuters.

The latest announcement by Putin to switch to domestic currency for gas sales is expected to hit Europe hard as according to Gazprom, 58 per cent of its sales of natural gas to Europe and other countries as of January 27 were settled in euros.

"I have decided to implement a set of measures to transfer payment for our gas supplies to unfriendly countries into Russian rubles," Putin said during a televised government meeting, ordering the changes to be implemented within a week.

Also read |&nbsp;<a href="https://www.wionews.com/world/belarus-could-join-russias-war-against-ukraine-in-next-few-days-report-464904">Belarus could join Russia’s war against Ukraine ‘in next few days’: Report</a>

"The changes will only affect the currency of payment, which will be changed to Russian roubles," he said.

Putin said the government and central bank had one week to come up with a solution on how to move these operations to the Russian currency and that Gazprom would be ordered to make the corresponding changes to gas contracts.

Also read |&nbsp;<a href="https://www.wionews.com/world/russian-spies-in-poland-country-expels-45-russian-diplomats-for-espionage-464868">Russian spies in Poland?: Country expels 45 Russian diplomats for espionage</a>

Russia came up with a list of "unfriendly" countries in the wake of sanctions announced by the West.

The list of countries includes the United States, European Union member states, Britain, Japan, Canada, Norway, Singapore, South Korea, Switzerland and Ukraine.

(With inputs from agencies)

In a major blow to the Western countries, President Vladimir Putin has said that Russia will only accept rubles for gas deliveries from “unfriendly” countries. Despite sanctions announced on the Russian gas, several European nations have been importing from Moscow via Ukraine.

In a major blow to the Western countries, President Vladimir Putin has said that Russia will only accept rubles for gas deliveries from “unfriendly” countries. Despite sanctions announced on the Russian gas, several European nations have been importing from Moscow via Ukraine. Russian energy giant Gazprom on Monday said that the requests stood at 104.7 million cubic meters for March 21, reports Reuters. The latest announcement by Putin to switch to domestic currency for gas sales is expected to hit Europe hard as according to Gazprom, 58 per cent of its sales of natural gas to Europe and other countries as of January 27 were settled in euros. "I have decided to implement a set of measures to transfer payment for our gas supplies to unfriendly countries into Russian rubles," Putin said during a televised government meeting, ordering the changes to be implemented within a week. Also read | Belarus could join Russia’s war against Ukraine ‘in next few days’: Report "The changes will only affect the currency of payment, which will be changed to Russian roubles," he said. Putin said the government and central bank had one week to come up with a solution on how to move these operations to the Russian currency and that Gazprom would be ordered to make the corresponding changes to gas contracts. Also read | Russian spies in Poland?: Country expels 45 Russian diplomats for espionage Russia came up with a list of "unfriendly" countries in the wake of sanctions announced by the West. The list of countries includes the United States, European Union member states, Britain, Japan, Canada, Norway, Singapore, South Korea, Switzerland and Ukraine. (With inputs from agencies)

Putin says will accept only rubles for gas sales to ‘unfriendly nations’

The European Union on Monday welcomed commitments by Russian state-owned gas giant Gazprom to allow for increased competition in east European markets, once its exclusive preserve.

The EU has been investigating Gazprom since 2015 over claims it abused its dominant position in these markets, with the dispute getting caught up in growing tensions between Brussels and Moscow over the Ukraine crisis.

EU Competition Commissioner Magrethe Vestager said Gazprom had now come forward with remedies meeting these concerns and invited competitors and customers to comment as part of the EU process of deciding whether they are acceptable.

&quot;We believe that Gazprom&#39;s commitments will enable the free flow of gas in Central and Eastern Europe at competitive prices,&quot; Vestager said in a statement.

&quot;They address our competition concerns and provide a forward looking solution in line with EU rules. In fact, they help to better integrate gas markets in the region,&quot; she said.

Gazprom is the dominant gas supplier in a number of central and eastern European countries.

When Commission launched its probe in 2015 it said it believed the company &quot;had been breaking EU antitrust rules by pursuing an overall strategy to partition central and eastern European gas markets.&quot;

The statement said the remedies offered should ensure that &quot;restrictions to re-sell gas cross-border are removed once and for all&quot; and that prices should accordingly come into line with competitive benchmarks.

Gazprom will also not be allowed to take undue advantage of infrastructure which it had &quot;obtained from customers by having leveraged its market position in gas supply,&quot; the statement said.

Under EU rules, a company found in breach of anti-competition rules is liable to a fine of up to 10 per cent of annual sales, in Gazprom&#39;s case nearly 83 billion euros in 2015.

Last week, Vestager also lifted EU objections to Russian investment in a controversial Hungarian nuclear plant project worth 12.5 billion euros.

(Reuters)

The EU has been investigating Gazprom since 2015 over claims it abused its dominant position in these markets

The European Union on Monday welcomed commitments by Russian state-owned gas giant Gazprom to allow for increased competition in east European markets, once its exclusive preserve. The EU has been investigating Gazprom since 2015 over claims it abused its dominant position in these markets, with the dispute getting caught up in growing tensions between Brussels and Moscow over the Ukraine crisis. EU Competition Commissioner Magrethe Vestager said Gazprom had now come forward with remedies meeting these concerns and invited competitors and customers to comment as part of the EU process of deciding whether they are acceptable. "We believe that Gazprom's commitments will enable the free flow of gas in Central and Eastern Europe at competitive prices," Vestager said in a statement. "They address our competition concerns and provide a forward looking solution in line with EU rules. In fact, they help to better integrate gas markets in the region," she said. Gazprom is the dominant gas supplier in a number of central and eastern European countries. When Commission launched its probe in 2015 it said it believed the company "had been breaking EU antitrust rules by pursuing an overall strategy to partition central and eastern European gas markets." The statement said the remedies offered should ensure that "restrictions to re-sell gas cross-border are removed once and for all" and that prices should accordingly come into line with competitive benchmarks. Gazprom will also not be allowed to take undue advantage of infrastructure which it had "obtained from customers by having leveraged its market position in gas supply," the statement said. Under EU rules, a company found in breach of anti-competition rules is liable to a fine of up to 10 per cent of annual sales, in Gazprom's case nearly 83 billion euros in 2015. Last week, Vestager also lifted EU objections to Russian investment in a controversial Hungarian nuclear plant project worth 12.5 billion euros. (Reuters)

EU welcomes Gazprom competition commitments

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Russian lawmaker says considering Bitcoin payments for oil exports from ‘friendly’ nations

Putin says will accept only rubles for gas sales to ‘unfriendly nations’

EU welcomes Gazprom competition commitments