Saturday, May 31, 2025

Latest

Russia Mulls Selling Natural Resource Exports in Bitcoin

In the wake of tough western sanctions, Russia is being forced to find alternative payment arrangements for its natural resource exports, such as the ruble, bitcoin, and even gold.

On Thursday, chairman of the State Duma committee Pavel Zavalny announced that Russia is open to accepting various methods of payment for its exports, including bitcoin and gold. However, he said that the preferred method of payment will be dependent on the country’s foreign relations status towards Russia.

“When it comes to our ‘friendly’ countries, like China or Turkey, which don’t pressure us, then we have been offering them for a while to switch payments to national currencies, like rubles and yuan,” Zavalny said. “With Turkey, it can be lira and rubles. So there can be a variety of currencies, and that’s a standard practice. If they want bitcoin, we will trade in bitcoin.”

Zavalny’s latest proposition comes a day after Russian President Vladimir Putin announced that “hostile” nations will have to pay for natural gas in rubles. The State Duma reiterated Putin’s remarks, adding that Russia will also accept gold as payment. “When we exchange with Western countries…they should pay in hard money,” Zavalny continued. “And hard money is gold, or they must pay in currencies which are convenient for us, and that is the national currency— ruble. That relates to our ‘unfriendly’ countries.”

However, given recent volatility across crypto markets, conducting transactions on such a large scale may prove to be risky. Since reaching a record-high in November, the price of bitcoin has shed a lot of its value, and currently trades at around $44,000 at the time of writing. On the other hand, though, with Russia open to conducting crypto trades for major commodities, it could set a precedent where countries conduct transactions in a stateless monetary system.


Information for this briefing was found via the Nasdaq. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Leave a Reply

Video Articles

How To Profit From $3300 Gold? An Inside Look At A Massive 300,000 Oz Project | Martino De Ciccio

We’re At The Start of a Great Silver Boom | Ross McElroy & Andy Bowering – Apollo Silver Corp

Equinox Gold Q1 Earnings: When Everything Goes Wrong

Recommended

ESGold Begins Concentration Tests Ahead Of First Production

Sterling Metals Hits 0.21% Copper Over 482.8 Metres In First Drilling At Soo Copper project

Related News

Bitcoin Emits More Carbon Than Syria Or Switzerland–But Is That Bad?

Bitcoin miners have emitted about 200 million tonnes of CO2 in the cryptocurrency’s short history,...

Wednesday, October 5, 2022, 02:19:00 PM

Bitcoin: Is China The Reason For The Drop? – The Daily Dive

Joining us today on the Daily Dive is that of Charlie Morris, founder and Chief...

Tuesday, June 29, 2021, 01:30:00 PM

Bitcoin: US Threatens To Ban Energy Intensive Crypto Mining

Time may be close to up for the crypto trade for those that remain after...

Thursday, September 8, 2022, 12:43:21 PM

State Senator Wendy Rogers Proposes to Make Bitcoin Legal Tender in Arizona

Arizona State Senator Wendy Rogers on Wednesday introduced a set of bills that seek to...

Thursday, January 26, 2023, 10:31:00 AM

US-ranium: The Exodus From Russian Uranium

The Czech Republic’s electricity utility struck a deal with US energy behemoth Westinghouse Electric Co....

Thursday, March 30, 2023, 12:57:00 PM