Sergey Kondratiev, Deputy Head of the Economic Department, commented to the Kommersant newspaper about the transition to yuan payments for Russian gas:
“With a high probability, the contracts were signed with a nomination in dollars. Still, this moment is important, but it is largely technical, because prices will continue to be determined de facto in dollars and will simply be converted at the current rate into yuan. Why is this important and useful for us?
Western currencies are becoming toxic to the Russian financial system, as there is a fear that such assets may be seized, operations in euros and dollars frozen. And "Gazprom" will receive yuan for the supplied gas, and will be able to sell them on the Moscow Exchange. There is a fairly large demand for the Chinese currency due to the fact that we have a large import. And China, in principle, is now pursuing a policy of internationalization of the yuan.”
Subscribe for updates
and be the first to know about new publications