Gazprom ditches dollars for euros

Euro, dollar and yuan symbol drawn with chalk on a blackboard
Source: DollarPhotoClub

Russian energy giant Gazprom has signed an agreement with its customers under which payments for crude oil will be realized not in dollars but in euros.

According to the Russian news agency ITAR-TASS, Gazprom Neft signed special annexes with “9 out of 10 customers” to change the currency in which the transaction will be settled.

Earlier, Russian media reported that Gazprom will persuade their clients to abandon the dollar in favour of other currencies. The head of the oil branch of Gazprom, Alexander Dukes said that “additional agreements of Gazprom Neft on the possibility to switch contracts from dollars to euros have been signed. With Belarus, payments in roubles are agreed on”.

– The so-called Plan B already partially entered into force. The transition from dollar contracts on the euro and the Yuan has been agreed with our partners. We plan to run the possibility of payment in rubles – said Dukes.

“The so-called Plan B is already partially worked out. The switch of dollar contracts to euros and Yuans is agreed on with some of our contracting parties. Under consideration is the possibility to switch contracts to roubles,” Dyukov said at the St. Petersburg International Economic Forum.

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