Russian gas giant Gazprom has said that China will start paying for Russian gas in rubles and yuan instead of Western currency, as Moscow seeks closer ties with Beijing in the wake of economic sanctions over the Kremlin’s war in Ukraine, international media reported.
“A transition was made to making payments for Russian gas supplies to China in the national currencies of the countries — the ruble and yuan,” The Moscow Times reported quoting a statement from Gazprom issued after a video conference meeting with Chinese oil group CNPC.
The report quoting Gazprom head Alexei Miller, said, “The new payment mechanism is a mutually beneficial, timely, reliable and practical solution”.
For most of the last century, the preeminent role of the U.S. dollar in the global economy has been supported by the size and strength of the U.S. economy, its stability and openness to trade and capital flows.
The U.S. dollar remains the primary reserve currency in the world with more than 65 countries peg their currencies to the U.S. dollar while five U.S. territories and eleven foreign nations use it as their official currency of exchange.
