Monitoring Desk
MOSCOW: Russia’s energy giant Gazprom announced that it had signed an agreement to receive payments for gas supplies to China in national currencies – yuan and rubles – instead of US dollar, deepening bilateral economic ties amid sanctions placed on Moscow after military attack on Ukraine.
“The new payment mechanism is a mutually beneficial, timely, reliable and practical solution,” Gazprom CEO Alexei Miller was quoted as saying in a statement issued after a virtual meeting with the head of China’s oil group CNPC, Dai Houliang.
Miller hoped that the move will “simplify calculations” and “become an excellent example for other companies”.
During the meeting, the top Gazprom official briefed the Chinese counterpart about the status of work on the project for gas supplies via the ‘Power of Siberia’ gas pipeline” which connects the gas networks of both countries.
The gas trade in local currency will help Moscow to cut its reliance on the US dollar and other hard currencies, a drive launched by Russia in response to Western sanctions over Ukraine war.
Earlier this year, Russia asked its customers in Europe to make payments in rubles if they wanted to import the Russian gas. It has cut supplies to various companies refusing to accept the deal.
GAZA STRIP, Palestinian Territories (AFP): Hamas’s armed wing released video Saturday of two men held…
WASHINGTON (AFP): The US will withdraw some troops from Chad, the Pentagon has said, days…
ROME (AFP): Italy on Saturday summoned Russia's ambassador after Moscow announced it was putting a…
BAGHDAD (AFP): Iraq's parliament passed a bill on Saturday criminalising same-sex relations, which will receive…
F.P. Report LAHORE: Pro-Palestinian activists disrupted the speech of German Ambassador to Pakistan Alfred Grannas…
F.P. Report TANK: District and Sessions Judge Shakirullah Marwat posted in South Waziristan was kidnapped…
This website uses cookies.