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Russia Open to Higher Yuan Purchases

OIL

Russia will start buying yuan on the currency market next year if oil and gas revenues meet expectations according to Reuters sources.

  • Russia stated its intentions earlier in the year to try and move away from dollar denominated trade, particularly for energy. Rouble only transactions were the catalyst for initial gas flow cut offs to some European nations who refused to do so.
  • Daily yuan-rouble trading volumes on the Moscow Exchange are already exceeding dollar-rouble trades on some days, according to Refinitiv data. Higher energy trade with China is expected to exacerbate this trend going forward.
  • “If next year’s budget revenues from the export of oil and gas exceed 8 trillion roubles, then the central bank will buy yuan," the Reuters source said.
Energy BulletsCommodities
Energy BulletsCommodities

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