China to pay for Russian gas in yuan, rubles

MOSCOW:

Russia’s energy giant Gazprom said, on Tuesday, that China will start paying for Russian gas in rubles and yuan instead of US dollars, as Moscow seeks closer ties with Beijing in the wake of Western sanctions over Ukraine.

“A transition was made to making payments for Russian gas supplies to China in the national currencies of the countries -- the ruble and yuan,” Gazprom said in a statement.

“The new payment mechanism is a mutually beneficial, timely, reliable and practical solution,” Gazprom CEO Alexei Miller said as quoted in the statement following a video conference meeting with the head of China’s oil group CNPC, Dai Houliang.

Miller added that it will “simplify calculations” and “become an excellent example for other companies”.

Published in The Express Tribune, September 7^th, 2022.

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