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Eurasia

Russia’s Gazprom Neft signals shift away from US dollar payments in China | Source: South China Morning Post

Gazprom Neft is the third-biggest oil producer in Russia and operates at 34 airports in China.

Gazprom, third-biggest oil producer in Russia that operates at 34 airports in China , has started settling some aviation fuel payments in the yuan in China as Moscow and Beijing look to cut reliance on the US dollar and increase cooperation in the energy sector. The US dollar’s share of trade between Russia and China fell below half for the first time on record in the first quarter of 2020, and again in the fourth quarter last year, with more than three-quarters of the transactions between the two countries now conducted in the euro, according to Russia’s central bank.

Source: South China Morning Post


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