Chairman of the Energy Committee in Russia’s State Duma, the lower house of the Federal Assembly. Pavel Zavalny said that the country would be willing to sell energy for Rubles, gold, or the currencies of countries that are friendly to Russia.
When Zavalny talked about “friendly” countries like China, Turkey, and Serbia, he said, “The set of currencies can be different. We are willing to trade with them for our own currencies.” It’s normal to do this. Zavalny also said that he agreed with President Putin’s decision to make energy payments in Russian rubles to countries that were not friendly.
If you don’t like “candy wrapper” fiat currencies like the EUR or the USD, Russia is willing to accept anything else. It was at an event for the Russian government news outlet Russia Today where Zavalny tried to explain how Russian natural gas can be sold in other currencies when most of the world’s energy markets are in US dollars and euros.
In the past, we’ve been putting the idea of China trading in national currencies, like rubles and renminbi, out there for a while now. When it comes to Turkey, that would be the lira and the ruble. Currency can be different; it’s a common thing to do. As long as it was necessary for us to trade with Bitcoin, “We’d do it.”
Russia might think about using its CBDC as a reserve currency. The lawmaker also said that he agreed with President Putin’s decision to make energy payments in Russian rubles to countries that don’t want to work with him. In other words, “If we can’t store the euro, buy it, or use it to pay for things, then why should we trade for this currency?” Zavalny asked a question like that. “We no longer care about euros or dollars,” he said.
This is because Russia and its financial system have been getting more and more isolated from the rest of the world because of new sanctions. The move is a response to this.
Also, it’s important to note that Europe is very dependent on Russian natural gas for energy, even though the US is trying to get them to move away from that energy source. Trying to make Europe find rubles to pay for Russian gas is likely to hurt those imports, but it’s one of the few ways Russia has to fight back.
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