Russia selling oil and gas mainly for ruble, yuan — Deputy Prime Minister
De-dollarization is a global trend because many countries are starting to switch to doing business in national currencies, Alexander Novak said.
The Russian oil and gas industry does about 80% of its business in rubles and yuan, Deputy Prime Minister Alexander Novak said in the documentary "Oil" on the Premier online platform.
"More than 90% of our settlements with China were made in national currencies as of the end of 2023. These are the ruble and the Chinese yuan. Speaking about our oil and gas sector in general, we sell about 40% of our products for export for rubles and about 40% - for the Chinese yuan. 20% is left for other currencies," Novak said.
"This means the share of the dollar and the euro is actually minimized. I believe this trend will continue," the official noted.
De-dollarization is a global trend because many countries are starting to switch to doing business in national currencies, Novak stressed. This is related primarily to the restrictive measures taken by Western countries, he said.
"Certainly, many see this. And [they] see they may be exposed to such risks at some point," Novak added.
Source
The Russian oil and gas industry does about 80% of its business in rubles and yuan, Deputy Prime Minister Alexander Novak said in the documentary "Oil" on the Premier online platform.
"More than 90% of our settlements with China were made in national currencies as of the end of 2023. These are the ruble and the Chinese yuan. Speaking about our oil and gas sector in general, we sell about 40% of our products for export for rubles and about 40% - for the Chinese yuan. 20% is left for other currencies," Novak said.
"This means the share of the dollar and the euro is actually minimized. I believe this trend will continue," the official noted.
De-dollarization is a global trend because many countries are starting to switch to doing business in national currencies, Novak stressed. This is related primarily to the restrictive measures taken by Western countries, he said.
"Certainly, many see this. And [they] see they may be exposed to such risks at some point," Novak added.
Source