Putin promises to sell more oil in yuan and rubles

Putin promises to sell more oil in yuan and rubles

Vladimir Putin will not
go on about "dollar dictatorship"
on world oil markets, according to Forbes
on Sunday.

"We are moving away from dictatorship
market, where oil is priced in dollars
and increase the possibility of using
ruble and the yuan", – Putin said in an interview
ITAR-TASS.

Recall recently Russia
signed a series of agreements with China in
the official visit of the President
China Xi Jinping. Both countries also
combine their stock markets to
conduct operations in rubles and yuan.

Russia desperately tried
to persuade the Chinese to his side,
Swinging” richness oil and gas,
as a golden carrot in front of the eyes
“Hungry” in terms of China’s energy. Yes,
the country’s largest oil market and
gas in Europe, although the EU is trying to
diversify it from Russia.
Russia’s natural reserves are
More than 30% of the supply of foreign
gas to the EU. Perhaps Europe is one
day turn to the US for
gas, even if it takes a lot of time,
yet will establish the necessary infrastructure
for imports of US liquefied natural
gas.

For achievement
Putin intends to political goals
embody the idea of ​​pricing Russian
oil in another currency, not in
dollars. This shows that
Russia has an alternative.

In his speech at
APEC summit in Beijing last week,
Putin said that the use of the ruble
and the yuan weaken the influence of the dollar on the world
energy market. these proposals
It was made before Iran announced
that wants to begin to assess its oil
In Euro. Most countries in the world oil
trade resource estimate in dollars
and the euro, and not only in dollars. But at the
same time, China is a major
oil consumer, and its currency is not yet
internationalized. only a few
niche markets for goods and services
set prices in yuan instead
dollars.

Putin also said
During the APEC summit, Russia and China
discuss the use of own
currencies in bilateral trade, though
energy really yet rated
only in dollars even when trading
between the two countries.

While
yuan diversification makes sense, Russia
It would be wise to keep the euro zone in
as a trading partner. Despite
on the division of the borders with China, Russia
have close cultural and trade ties
with Europe. And China, in spite of the ocean,
It has more trade and cultural
Relations with the United States.

Thus, for
haters of the dollar, the price of oil in
Russian ruble or the yuan will have
very little impact on the future
US currency.

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