BEIJING, October 14 (RIA Novosti) - Russia is ready to consider using
the Russian and Chinese national currencies instead of the dollar in
bilateral oil and gas dealings, Prime Minister Vladimir Putin said on
The premier, currently on a visit to Beijing, said a final decision on
the issue can only be made after a thorough expert analysis.
"Yesterday, energy companies, in particular Gazprom, raised the question
of using the national currency. We are ready to examine the possibility
of selling energy resources for rubles, but our Chinese partners need
rubles for that. We are also ready to sell for yuans," Putin said.
He stressed that "there should be a balance here."
On Tuesday, Russia and China agreed terms for Russian gas deliveries at
a level of up to 70 billion cubic meters a year. China also imports oil
The Russian prime minister said the issue would be addressed among
others at a meeting of Shanghai Cooperation Organization (SCO) finance
ministers, who are to convene before the end of the year in Kazakhstan.
Britain's Independent newspaper reported last Tuesday that Russian officials had held "secret meetings" with Arab states, China and France
on ending the use of the U.S. dollar in international oil trade.
The countries are reportedly seeking to switch from the dollar to a
basketof currencies including the euro, Japanese yen, Chinese yuan, gold, and
a new unified currency of leading Arab oil producing countries.
The Independent said the meetings have been confirmed by Chinese and
Arab banking sources.