Major Russian oil and gas companies give up the dollar
17:19 - 25/10/2019
Information / Baghdad
The largest companies in the oil and gas sector in Russia abandoned the implementation of transactions in US dollars.
For example, Rosneft and Novatek have completely excluded the US currency from payments on export contracts.
"Our company is converting its transactions to the euro, and this currency is used in most export contracts," Leonid Michelson, chairman of Novatec, told reporters. This is not a temporary decision, but a systematic transition that began in 2014, when Novatek was subjected to US sectoral sanctions. ”
He added: “After the US sanctions in July 2014, legal entities and American individuals were prevented from lending to us, so we started to abandon the dollar before Ross Naft.
Before that, the head of the company "Rosneft" Igor Sechin, announced the transfer of all the accounts of his company from the dollar to the euro.
“We have not started this work now, we have done it, and all our export contracts are already being implemented in euros,” he said. . Therefore, ten years later we may see a completely different picture: as the role of the Chinese economy grows, the Yuan's share could grow from 2% -5% now to higher and more important values. ”