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Russia Not Looking at Ruble Mechanism for Oil Market

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Russia has no plans currently for a rubles for oil mechanism according to Deputy Minister Alexander Novak this week.

  • Novak said "Not yet," when asked about the mechanism for oil, suggesting they may be open to using it in the future.
  • "The market is quite liberalized, it is much more difficult to implement such a mechanism. But there is a mechanism for the sale of a mandatory sale of part of the foreign exchange earnings," Novak said.
  • Russia have used a ruble for gas mechanism which many European countries have refused to use, resulting in a swathe of gas cut-offs in recent weeks. Buyers are required to open special ruble and foreign currency accounts with Gazprombank to pay for gas supplies. Currency conversions are then carried out on Russian exchanges.
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Russia has no plans currently for a rubles for oil mechanism according to Deputy Minister Alexander Novak this week.

  • Novak said "Not yet," when asked about the mechanism for oil, suggesting they may be open to using it in the future.
  • "The market is quite liberalized, it is much more difficult to implement such a mechanism. But there is a mechanism for the sale of a mandatory sale of part of the foreign exchange earnings," Novak said.
  • Russia have used a ruble for gas mechanism which many European countries have refused to use, resulting in a swathe of gas cut-offs in recent weeks. Buyers are required to open special ruble and foreign currency accounts with Gazprombank to pay for gas supplies. Currency conversions are then carried out on Russian exchanges.