Russia sells about 40% of oil and gas in rubles, another 40% in yuan – Kommersant

The Russian oil and gas industry sells about 80% of oil and gas in rubles and yuan, said Deputy Prime Minister Alexander Novak. According to him, Russian and Chinese currencies each account for 40% of the calculations. He noted that the share of the dollar and euro is “reduced to a minimum.”

“According to the results of 2023, more than 90% of settlements with China take place in national currencies – these are rubles and Chinese yuan. If we talk about our oil and gas in general, we sell about 40% of our export products for rubles and about 40% are Chinese yuan, 20% remains for other currencies,” the Deputy Prime Minister said in the documentary series “Oil” (quote from TASS).

According to Mr. Novak, the abandonment of the dollar is a global trend, and many countries are switching to payments in national currencies among themselves. He linked this to sanctions. “Many… see that these risks will one day affect them,” the Deputy Prime Minister is sure.

Alexander Novak reportedthat by the end of 2023, Russia has increased the share of oil exports to friendly countries to 86%, and oil products to 84%. According to him, after the introduction of sanctions, the volume of exports of oil and petroleum products of the Russian Federation was reoriented to new markets, and oil supplies to Europe decreased up to 4–5%. Most of Russian oil and petroleum products exports had to on China and India: Beijing’s share increased to 45–50%, New Delhi’s share – to 40%.

About the situation on the market – in the material “Kommersant” “Secondary adaptation”.

Laura Keffer