MOSCOW – Russia’s energy giant Gazprom announced that it had signed anagreement to receive payments for gas supplies to China in nationalcurrencies – yuan and rubles – instead of US dollar, deepening bilateraleconomic ties amid sanctions placed on Moscow after military attack onUkraine.
“The new payment mechanism is a mutually beneficial, timely, reliable andpractical solution,” Gazprom CEO Alexei Miller was quoted as saying in astatement issued after a virtual meeting with the head of China’s oil groupCNPC, Dai Houliang.
Miller hoped that the move will “simplify calculations” and “become anexcellent example for other companies”.
During the meeting, the top Gazprom official briefed the Chinesecounterpart about the status of work on the project for gas supplies viathe ‘Power of Siberia’ gas pipeline” which connects the gas networks ofboth countries.
Read Top Stories
The gas trade in local currency will help Moscow to cut its reliance on theUS dollar and other hard currencies, a drive launched by Russia in responseto Western sanctions over Ukraine war.
Earlier this year, Russia asked its customers in Europe to make payments inrubles if they wanted to import the Russian gas. It has cut supplies tovarious companies refusing to accept the deal.
