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• As Western countries tighten sanctions, Russia may accept bitcoin as payment for its oil and gas exports. Russia is considering bitcoin as payment for its oil and gas exports as Western countries tighten sanctions over its invasion of Ukraine. 

• During a recorded news conference on Thursday, the chair of Russia’s Duma’s energy committee stated in translated remarks that Russia is willing to be more flexible with payment options when dealing with “friendly” countries such as China or Turkey.
• Chair Pavel Zavalny stated that the buyer’s national fiat currency, as well as bitcoin, were being considered as alternative methods of payment for Russia’s energy exports. 
• Bitcoin has risen nearly 4% in the last 24 hours to around $44,000. The cryptocurrency’s price rose around the time news reports of Zavalny’s remarks first circulated. 
• Following Putin’s announcement, European gas prices skyrocketed amid fears that the move would aggravate an already strained energy market. President Vladimir Putin’s Wednesday promised to make sure that the “unfriendly” countries pay for gas in Russian roubles as was also reiterated by the energy chair.
• Though the US has restricted import of Russian oil as part of its response to Moscow’s war on Ukraine, the European Union is unlikely to follow suit, given its heavy reliance on Russian energy, particularly to keep the homes warm during the winter months. 
• Russia is clearly looking to diversify into other currencies.
• Russia has been preparing for such a transition since 2014, when it began divesting all U.S. Treasurys. 
• However, the country was not fully prepared for the freezing of foreign currency assets. 
• Russia now appears to be serious about abandoning the dollar. They have something the world requires, as Russia is the world’s leading exporter of natural gas.
• Russia may be able to convert its oil reserves into hard assets usable outside of the dollar system.
•  Putin’s stance on bitcoin has shifted. In 2021, the Russian stated that, while he believes bitcoin has value, he is not convinced it can replace the US dollar in oil trade settlement. Now, top Kremlin officials are considering it as a form of payment for major exports. It is however unclear whether bitcoin’s relative lack of liquidity could support such large-scale international trade transactions.