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Gazprom switches to yuan and rubles for natural gas payments

Russian energy company Gazprom reported that an agreement has been reached with the Chinese company CNPC to switch to yuan and ruble in natural gas shipment payments.

Gazprom switches to yuan and rubles for natural gas payments

In a written statement from Gazprom ,  CNPC President Dai Houliang and Gazprom President Aleksey Miller  via videoconference.

In the statement, it was stated that gas shipments from Russia's far east region to China were discussed during the meeting, and it was noted that Gazprom has also started work on a new pipeline.

In the statement, "At the meeting, additional agreements were signed to the long-term contract for gas shipments through the Power of Siberia pipeline. The parties agreed to switch to paying in yuan and rubles for gas supply to China." statements were included.

Speaking about the new payment system at the meeting, Miller said, "The new payment mechanism is a mutually beneficial, timely, reliable and practical solution. I believe it will facilitate agreements, set an excellent example for other companies, and give an additional impetus to the development of our economies." made its assessment.

Gazprom wants to increase Asian shipments

Russia is trying to move away from dollars and euros in payments in international agreements due to the sanctions imposed by Western countries on the financial system.

Russian President Vladimir Putin has defined those who impose sanctions on Russia as "unfriendly countries" and said that these countries can now buy various Russian products, especially natural gas, with only rubles.

Gazprom, whose gas shipments to Europe have fallen rapidly due to the sanctions, also wants to increase its shipments to Asian markets, especially to China.

Gazprom shipped about 10.4 billion cubic meters of natural gas to China last year through the Power of Siberia pipeline, which has a capacity of 38 billion cubic meters per year.

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