Economy 09-11-2018

Russia asks to use euro instead of the dollar to its oil clients

Russian energy companies are asking their Western clients to use the euro instead of the dollar in the payment of oil and gas for US sanctions.

Russian energy companies are pushing Western oil buyers to use euros instead of dollars for payments and introduce penalty clauses in the contracts so that Russia can counteract possible future US sanctions, according to reports on Friday. the British news agency Reuters.

Seven sources of the Russian energy industry consulted by this British media claim that Western oil companies have been forced in recent months to renegotiate the terms of the oil sales contract of 2019 with the third and fourth largest producer in Russia, Gazprom Neft and Surgutneftegaz.

The report adds that in similar circumstances these and other Western clients are immersed with Russia's leading state oil producer, Rosneft.

Earlier this week, several sources told Reuters that Rosneft wants Western oil buyers to pay fines starting in 2019 if they do not pay for supplies in the event that new US sanctions interrupt sales.

Now, the same sources reported to the British agency that Surgutneftegaz and Gazprom Neft follow the same steps as Rosneft and demand that their clients use the European currency or another currency to replace the dollar in the contracts .

"It's part of the same trend: the Russian oil industry is working to mitigate new sanctions risks. The buyers in turn argue that they can not take those risks, so we are trying to solve it by acquiring some commitment in this regard, "stressed a Western source involved in negotiations with Russian oil companies toReuters .

The relations between Moscow and the West, Washington in particular, worsened as a result of thesituation in Ukraineand the reincorporation of Crimea to Russia after thereferendumheld in March 2014, in which more than 96 percent of voters endorsed this option.

Since then, the US, the European Union (EU) and other countries have approvedseveral sanctions packagesagainst the Eurasian country. Moscow, for its part, has repeatedly pointed out that it is not part of the conflict in Ukraine, and has reaffirmed that the reincorporation of Crimea was carried out in compliance with international law and the Charter of the United Nations (UN).

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