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80% of Russian Oil and Gas Trade in Ruble or Yuan: Novak

OIL

The Russian oil and gas industry does about 80% of its business in rubles and yuan according to Deputy Prime Minister Alexander Novak.

  • "More than 90% of our settlements with China were made in national currencies as of the end of 2023. These are the ruble and the Chinese yuan.” Novak said.
  • Speaking about our oil and gas sector in general, we sell about 40% of our products for export for rubles and about 40% - for the Chinese yuan. 20% is left for other currencies," he added.
  • "This means the share of the dollar and the euro is actually minimized. I believe this trend will continue," Novak said.
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