[Sanctions imposed by the UK, the US and the European Union, following the invasion of Ukraine, have put a strain on Russia's rouble and raised its cost of living. However, Russia is still the world's biggest exporter of natural gas and the second-largest supplier of oil. (Photo by= Getty Images)]

Russia is considering accepting Bitcoin as payment for its oil and gas exports, according to a high-ranking lawmaker. Pavel Zavalny says "friendly" countries could be allowed to pay in the crypto-currency or in their local currencies, BBC reported.
 
Earlier this week, Russian President Vladimir Putin said that he wanted "unfriendly" countries to buy its gas with roubles. The move is understood to be aimed at boosting the Russian currency, which has lost over 20% in value this year. Mr. Zavalny, who heads Russia's State Duma committee on energy, said on Thursday that the country has been exploring alternative ways to receive payment for energy exports.

He said China and Turkey were among "friendly" countries which were "not involved in the sanctions pressure". Mr. Zavalny added: "You can also trade bitcoins."
 
Analysts said Russia may benefit from accepting the popular cryptocurrency, despite the risks."Russia is very quickly feeling the impact of unprecedented sanctions," said David Broadstock, a senior research fellow at the Energy Studies Institute in Singapore. "There is a need to shore up the economy and, in many ways, Bitcoin is seen as a high growth asset." However, he noted that the value of Bitcoin has swung by as much as 30% this year. In comparison, the dollar has traded within 5% against the euro.