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Gazprom Might Change Currency For International Transactions
April 5, 2014 18:37


Gazprom looks into the issue of more active use of the ruble in the transactions with foreign contractors.

This was reported in Vedomosti daily with reference to the company representative Sergei Kupriyanov. Transition from dollars to euros in settlements with buyers is discussed by Gazprom Neft as well. The company CEO Alexander Dyukov said that this measure is possible in case of force majeure.

"What we have done for ourselves in this situation (in case of possible implementation of new sanctions on Russian business in connection with the annexation of Crimea) is that we talked with our customers on the opportunity of transferring contracts in euros. Almost all 95% of the customers have confirmed their readiness to switch clearings in euros," – he said. "This suggests that, theoretically, nothing is impossible. You can shift from dollars to euros and from euros you can basically shift to rubles. The only thing that, for sure, needs to be examined in this case is considering the effectiveness of such a transition. Will this transition lead to some additional losses and costs or not? For me personally, this is an open-ended question so far," – Djukov said.

VTB board chairman Andrei Kostin took the initiative to urgently start doing settlements for export in rubles. "Deliveries of Gazprom, Rosneft and Rosoboronexport are nearly $ 230 billion per year or 44% of total goods exported. While the West encourages to isolate Russia using financial nuclear weapon: the dollar payments," – he underlined.

Kostin added that Gazprom board chairman Alexey Miller, the president of Rosneft Igor Sechin and Rosteh CEO Sergey Chemezov informed him that they are ready to transfer to settlements in rubles, the Vedomosti concludes.

Author: Anna Dorozhkina

Tags: Gazprom Rosneft Russian oil and gas industry   

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