Russia’s largest oil company Rosneft has already completed the switch
away from the U.S. dollar to euros in its export contracts to minimize
risks from potential new U.S. sanctions, Rosneft’s chief executive Igor
Sechin said on Thursday.
Rosneft’s switch to the euro is seen as part of Russia’s wider-scale
drive to reduce dependence on the dollar, but it is unlikely to quickly
boost the euro’s role for Russia given the negative interest rates it
carries.
“All our export contracts are already being implemented
in euros and the potential for working with the European currency is
very high,” Sechin told an economic forum in Italy’s Verona.
“For now, this is a forced measure in order to limit the company from the impact of the U.S. sanctions.”
Reuters
reported earlier this month that state-controlled Rosneft set the euro
as the default currency for all its new export contracts.
Rosneft says switched contracts to euros from dollars amid U.S. sanctions
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