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Gazprom says it has signed deal for China to pay for Russian gas in national
currencies

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GAZPROM SAYS IT HAS SIGNED DEAL FOR CHINA TO PAY FOR RUSSIAN GAS IN NATIONAL
CURRENCIES


GAZPROM CEO ALEXEI MILLER SAID ALLOWING FOR PAYMENTS IN RUSSIAN ROUBLES AND
CHINESE YUAN WAS “MUTUALLY BENEFICIAL” FOR BOTH GAZPROM AND THE CHINA NATIONAL
PETROLEUM COORPORATION AND WOULD SET AN EXAMPLE FOR OTHER COMPANIES TO FOLLOW. 



Gazprom says it has signed deal for China to pay for Russian gas in national
currencies (Photo: Reuters)

Reuters
 * Sep 06, 2022,
 * Updated Sep 06, 2022, 6:32 PM IST

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Russia’s Gazprom said on Tuesday it had signed an agreement to start switching
payments for gas supplies to China to yuan and roubles instead of dollars.




The shift is part of a push by Russia to reduce its reliance on the U.S. dollar,
euro and other hard currencies in its banking system and for trade - a drive
that Moscow has accelerated since it was hit with Western sanctions in response
to its invasion of Ukraine.

Russia has been forging closer economic ties with China and other non-Western
countries, in particular as new markets for its vital hydrocarbon exports.

Gazprom CEO Alexei Miller said allowing for payments in Russian roubles and
Chinese yuan was “mutually beneficial” for both Gazprom and Beijing’s
state-owned China National Petroleum Corporation.

“It will simplify the calculations, become an excellent example for other
companies and give an additional impetus for the development of our economies,”
he said.

Gazprom did not provide further details on the scheme or say when payments would
switch from dollars into roubles and yuan.

President Vladimir Putin earlier this year forced European customers to open
rouble bank accounts with Gazprombank and pay in Russian currency if they wanted
to continue receiving Russian gas. Supplies were cut off to some companies and
countries that refused the terms of the deal.



Russia signed a landmark $37.5 billion extension to its deal to supply gas to
China on the eve of the invasion.

It started pumping gas to China through the 3,000-km (1,865 mile) Power of
Siberia gas pipeline in late 2019. Putin hailed the move as a “genuinely
historical event, not only for the global energy market, but above all for us,
for Russia and China.” (Reporting by Reuters; Editing by Mark Trevelyan)




TAGS:
 * Gazprom
 * China
 * Yuan
 * Russia
 * russian gas






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