On the sidelines of the Eastern Economic Forum, Alexander Dyukov, CEO of Gazprom Neft, said:
- From September Gazprom Neft started using the yuan and may switch to all the settlements on jet fuel to yuan
- Chinese airlines could also soon use roubles to buy jet fuel at Russian airports
- Gazprom Neft and the Chinese operator plan to double total volumes of aircraft fuelling both in Russia and China to 250,000 tonnes by 2025
The total volume of Gazprom Neft aircraft fueling stations in China increased to 56.5 thousand tons in the 1st half of 2021, 12% higher than the same period last year and 29% higher than in 2019.
In 2019, Russian Rosneft set the euro as the default currency for all oil exports, the company looked to switch as many sales as possible from U.S. dollars to euros in order to avoid further U.S. sanctions against it.
The US dollar’s share of trade between Russia and China fell below half for the 1st time on record in the Q1 of 2020, and again in the Q4 last year, with more than 3-quarters of the transactions between the 2 countries now conducted in the euro.
Despite a slight decline in 2020, trade between China and Russia has been over $100 billion for 3 consecutive years.
