According to the 2023 results, more than 90 percent of Russia’s agreements with China are concluded in national currencies (ruble and Chinese yuan). This was stated by Deputy Prime Minister Alexander Novak in the documentary series “Oil” on the online platform. premier.
According to Novak, 40 percent of payments for Russia’s oil and natural gas exports are made in rubles and yuan, and 20 percent are made in other currencies. Thus, the share of the dollar and euro in these calculations is minimized.
The Deputy Prime Minister noted that this trend will continue and is seen not only in Russia’s calculations. Due to restrictions and sanctions on the use of dollars and euros, many countries turn to national currencies in their international transactions.
Novak emphasized that many people see the risks in the current situation and are afraid of the possible consequences for themselves. G7 countries, the European Union and their allies set a ceiling price of $60 per barrel for Russian oil at the end of 2022, within the scope of sanctions imposed due to the events in Ukraine. Russian officials have said Western sanctions are illegal and will not affect Moscow’s position.
Last year, Novak also reported that Russia had diverted about 20% of its oil supplies from the European market to Asian markets, according to Chinese customs, and had become China’s main oil supplier.
Previously reportedDue to sanctions, Russia’s revenues from oil and natural gas decreased by a quarter.