Igor Sechin calls trading in national currencies essential to the continuation of Russian oil exports

Trading in national currencies and development of alternative payment systems are prerequisites for the continuation of Russian oil exports, said Rosneft Chief Executive Officer Igor Sechin speaking on an Energy Panel at the 27th St. Petersburg International Economic Forum.  

“Significant progress has already been made in this direction: over the past two years, the share of the ruble in export payments has more than tripled and exceeded 40%,” he noted.   

Sechin emphasized the increasing the role of friendly currencies in international trade. “China's recent success in using yuan is a good illustration of de-dollarization. For example, in September last year, yuan overtook euro for the first time in trade settlements made via the SWIFT system,” he stated.

On his opinion, the dynamics of Russian-Chinese mutual settlements is also indicative. “Significant mutual commodity flows, as well as commodity flows of third countries, allowed our countries to promptly switch to settlements in national currencies, the share of which exceeded 90% by the end of 2023,” said head of Rosneft.  

Igor Sechin emphasized that in order to further expand the use of national currencies both bilaterally and in settlements with third countries, it is necessary to create appropriate infrastructure and instruments to ensure clearing transactions and opening of correspondent accounts, use of swap lines, as well as the full range of systems for interbank messaging.

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Rosneft
June 8, 2024