Gazprom Neft shifts away from US dollar, euro in crude trade

(MENAFN) Gazprom Neft, a Russian oil producer and subsidiary of energy behemoth Gazprom, has taken a significant step by reducing its reliance on the US dollar and euro in its crude trade dealings with international partners. The CEO of Gazprom Neft, Aleksandr Dyukov, disclosed this development during the TNF energy forum held in the resource-rich Tyumen Region of Siberia. According to Dyukov, the company has largely transitioned its export transactions to be conducted in national currencies, with a notable emphasis on the Chinese yuan and Russian rubles.

This shift marks a noteworthy departure from the conventional practice of conducting international trade in major global currencies like the US dollar and euro. Gazprom Neft's decision to increasingly employ the Chinese yuan and Russian rubles reflects a strategic move to align its trade practices more closely with the economic and geopolitical interests of Russia, as well as its significant energy ties with China.

While Gazprom Neft has adopted these national currencies in a substantial portion of its export transactions, Dyukov mentioned that the Indian currency is not being utilized in export settlements. This decision underscores the company's selective approach in transitioning away from traditional global currencies, taking into consideration the specific dynamics of its international trade relationships.

In essence, Gazprom Neft's move to conduct the majority of its crude trade in Chinese yuan and Russian rubles represents a significant shift in the global energy trade landscape, potentially signaling a trend towards greater use of national currencies in international commerce. This strategic adjustment aligns with Russia's efforts to reduce reliance on the US dollar and euro in the face of evolving global economic dynamics.

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