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Russia's Gazprom Neft to use Chinese Yuan for jet fuel sales in China amid US threat to block Russia's use of the dollar
- OIL
- 14 Feb 2022 | 11:34 UTC
The move, which was initiated in September, comes amid threats from the US and the UK to ban Russia's use of the SWIFT global payments system and the dollar in the event of a Russian invasion of Ukraine.
Before the end of 2022, Gazprom Neft plans to switch payments for refueling Chinese airlines' aircraft in Russian airports to rubles.
The decision aims to increase air traffic volumes between Russia and China and was taken by the intergovernmental Russian- Chinese commission on energy cooperation.
"Moves towards mutual settlements in the national currency at major airports in China will not only strengthen cooperation with our partners here, but also further increase efficiency in financial transactions," Gazprom Neft's deputy CEO Alexei Yankevich said.
In 2021, Gazpromneft-Aero raised the total volume of of Russian-Chinese flights refueled at Russian and Chinese airports to 115,000 mt, targeting 200,000 mt of jet fuel sales on the route by 2025.
Gazprom Neft said previously that 95% of their contracts got an option for non-dollar settlements.
In 2020, nearly 20% of the company's export sales to Far Abroad were settled in currencies other than the dollar.
Russia's Gazprom Neft to use yuan for jet fuel sales in China
Russian oil company Gazprom Neft s jet fuel subsidiary Gazpromneft Aero said Feb. 14 that it has switched to the yuan in settlements for refueling flights of Russian airlines in China.
