Russia says China will start paying for gas in rubles and yuan

The move is part of Russia’s drive to reduce its dependence on US dollars, euros and other currencies in its banking system and trade. Western sanctions Responding to the invasion of Ukraine.
Russia is Building closer economic ties with China and other non-Western countries, especially as new markets for important hydrocarbon exports.

Gazprom CEO Alexei Miller says allowing payments in Russian rubles and Chinese yuan is “mutually beneficial” for both Gazprom and state-owned China National Petroleum Corporation in Beijing. said.

“It will simplify the calculations, set an excellent example for other companies, and give further impetus to the development of the economy,” he said.

Gazprom did not disclose details of the scheme or when payments would switch from dollars to rubles and yuan.

Russian President Vladimir Putin earlier this year forced European customers to open ruble bank accounts with Gazprom Bank 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.

On the eve of the invasion, Russia signed a landmark $37.5 billion extension to the contract to supply China with gas.

In late 2019, it began supplying gas to China through its 3,000 km (1,865 miles) Power of Siberia gas pipeline. Russia and China. ”


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