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Russia’s Sakhalin 2 LNG Project Asks for Payment in Yuan

LNG

Russia’s Sakhalin 2 LNG project is asking Chinese buyers to pay for cargoes in yuan as it looks to circumvent US sanctions with alternatives to the greenback.

  • China’s state-owned companies are in negotiations on currency terms for lifting cargoes.
  • This is a change from Moscow’s earlier strategy, when it demanded European gas buyers pay in roubles.
  • The Sakhalin project is not directly sanctioned and does still accept payments in dollars.
  • Russia’s central bank recently said that there was no better option than the yuan: currencies from other ‘friendly countries’ are too high risk.
  • Russia is increasingly looking to China as an outlet for its pipeline gas and LNG volumes. Sakhalin 2 LNG delivered 2.5m mtpa to China in 2023, triple the volumes delivered in 2021.
Energy BulletsCommodities
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