Russia and China switch to national currency in energy payments

Russian Deputy Prime Minister Aleksandr Novak made statements on energy trade between Russia and China, on Russian state channel Rossiya-24. Novak noted that energy trade between Russia and China had increased by 64 percent in monetary terms this year, adding “Russia and China are switching to national currencies in energy payments.”

INCREASED SHIPMENTS TO CHINA THIS YEAR

Reminding Russia’s energy delivery to China had increased this year Novak said “Our trade volume in energy sector to cover oil, gas, coal and electricity industries increased by 64 percent financially and 10 percent physically.”

Paying attention to the fact that the two countries had switched to national currencies in bilateral trade and in the energy sector to be in the first place Novak said, “The two countries are switching to national currencies in payments for energy shipments. We are also switching to paying rubles and yuan for mutual payments, including for equipment shipments from China.”

Novak concluded his remarks by stressing that payments for gas shipments between Gazprom and China were already being made in rubles and yuans.

SOURCE: https://www.ekonomim.com/kuresel-ekonomi/rusya-ile-cin-enerji-odemelerinde-ulusal-paraya-geciyor-haberi-674744