Igor Sechin urges to create infrastructure to increase trade in national currencies

Igor Sechin, Executive Secretary of the Presidential Commission for the Strategy of Development of the Fuel and Energy Complex and CEO of Rosneft, has called for the creation of the necessary infrastructure to further expand the use of national currencies in trade between countries.

Speaking at the opening of the 6^th Russia-China Energy Business Forum, Sechin noted that current changes in the global economy and politics are leading to a decline in the role of the US dollar in global trade. "This is well illustrated by China's recent success in using the yuan. In September last year, for example, the yuan overtook the euro for the first time in trade settlements via SWIFT. The yuan also overtook the US dollar in China's international settlements for the first time, with its share now reaching 53 per cent," he added.

According to the Rosneft head, the dynamics of Russian-Chinese mutual settlements are also indicative - a significant mutual flow of goods, as well as flows of goods from third countries, allowed Russia and China to quickly switch to settlements in national currencies, the share of which will exceed 90 per cent by the end of 2023.

"To further expand the use of national currencies both bilaterally and in settlements with third countries, it is necessary to create appropriate infrastructure and tools to ensure clearing operations and the opening of correspondent accounts, as well as the full range of systems for the exchange of interbank messages," Igor Sechin concluded.

Rosneft
Information Division
July 23, 2024