Russian President Vladimir Putin thinks cryptocurrencies have value — but he’s not convinced they can replace the U.S. dollar in settling oil trades.

Alexander Novak (Russia’s deputy prime Minister) suggested that the country be established a few months back could move away from greenback-denominated crude contractsIf the U.S. continues imposing specific economic sanctions.

Putin was asked if bitcoins or any other cryptocurrency could be used to replace the dollar. He said that it is too early to discuss the trading of crypto’s energy resources.

At the Russia Energy Week event, in Moscow on Wednesday, he stated that “I believe it has value.” It cannot be used in oil trade, but I believe it is not possible.”

Putin stated that cryptocurrency isn’t supported yet by any government. It may be used as payment but it is too soon to speak about cryptocurrency’s oil trade.

Russian President also mentioned the potential barriers to cryptocurrency’s use due to its large energy consumption. Bitcoin needs a large amount of computing power to create new tokens, process transactions, and generate new ones.