Rosneft shifted to euros in export payments

Head of Rosneft, Igor Sechin, said that Rosneft had completed the conversion of all its export contracts into euros, Enkorr reports.

“All of our export contracts are already being implemented in euros and the potential for working with the European currency is very high”, he said, noting that in connection with the growth of the Chinese economy, the renminbi has chances to become a reserve currency.

Alexandra Suslina from the Economic Expert Group believes that the decision to abandon the dollar in export contracts is rather a political one, switching to the euro will allow not to make payments through US financial institutions, and they will not have access to transaction information.

Switching to payments in euros for oil exports was the next step in restricting Russia to use the US currency to reduce the negative impact of a potential new wave of US sanctions, Reuters reported.

In August, Rosneft asked its customers to shift to euros for the first time when calculating the sale of straight-run petrol delivered from the Far Eastern ports of the Russian Federation.

Tags: contracts, oil, hydrocarbon production, tariffs, legislation, EU, Top management, energy market, добыча нефти, RF, foreign affairs, oil transit

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