Gazprom begins selling oil in rubles and yuan
Russia China Arctic
gazprom.eu bssb.be 09.09.2014
The Russian oil company Gazprom Neft has agreed to export 80,000 tons of oil from the Arctic field in Novoportovskoye; it will accept payment in rubles, and will also deliver oil via the Eastern Siberia-Pacific Ocean pipeline (ESPO), accepting payment in Chinese yuan for the transfers
The Russian government and several of the country’s largest exporters have widely discussed the possibility of accepting payments in rubles for oil exports.
Last week, Russia began to ship oil from the Novoportovskoye field to Europe by sea. Two oil tankers are expected to arrive in Europe in September.
According to Kommersant, the payment for these shipments will be received in rubles. Gazprom Neft will not only accept payments in rubles; subsequent transfers via the ESPO may be paid for in yuan, the newspaper reported.
According to the newspaper, the change in currency was made because of the Western sanctions against Russia.
In March, in response to Crimea’s reunification with Russia, the United States and the European Union introduced a number of targeted sanctions against Russia.
As the Ukrainian crisis escalated, the United States introduced several new rounds of sanctions targeting Russia’s defence, energy and banking sectors, and persuaded its allies to blacklist several Russian citizens and companies.
As a protective measure, Russia decided to avoid making its payments in US dollars, which can be tracked and controlled by the United States government, Kommersant reported.
gazprom.eu – bssb.be