A senior lawmaker in Russia's State Duma has expressed openness to selling the country's energy in Bitcoin, following major moves away from the dollar and
with the Russian government news outlet Russia Today on March 24. In it, he tried to explain how Russia would move away from selling its natural gas for dollars and euros when global energy markets are overwhelmingly denominated in the two.
After naming"friendly" nations like China, Turkey and Serbia and Russia's willingness to trade with them for their own currencies, Zavalny said"the set of currencies can be different. It's standard practice." In what resembled an afterthought rather than a statement of policy, Zavalny went on to say,"if it's in bitcoin, then we'll trade in bitcoin."yesterday that Russia would require"unfriendly countries" — namely, the U.S. and the EU — to pay for natural gas in rubles rather than the dollar or the Euro.
Europe is heavily dependent on Russian natural gas for energy, leaving those markets open to trade despite pressure from the U.S. to move away from them. While demanding Europe find rubles to pay for Russian gas is likely to harm those imports, it is part of a dwindling arsenal of countermeasures at Russia's disposal.
While the US has banned imports of Russian oil, gas and coal, it has not applied secondary sanctions to non-US actors who buy those commodities. Settlement in BTC would be no more a sanctions violation than in any other currency, depending strictly on who was on the other end of the trade.
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