Sunday, June 8, 2014

90% Of Gazprom Clients Have "De-Dollarized", Will Transact In Euro & Renminbi | Zero Hedge

Following Obama and Putin's "caught on tape" meeting Vine'd by the French President, we can't help but wonder if the Russian leaders comments were something akin to "this is not over yet." With "De-Dollarization" efforts already broadly under discussion, ITAR-TASS reports that Gazprom had signed additional agreements for clients to switch from dollars to euros and renminbi, "nine of ten consumer had agreed to switch."

Gazprom Neft had signed additional agreements with consumers on a possible switch from dollars to euros for payments under contracts, the oil company's head Alexander Dyukov told a press conference.

"Additional agreements of Gazprom Neft on the possibility to switch contracts from dollars to euros are signed. With Belarus, payments in roubles are agreed on," he said.

Dyukov said nine of ten consumers had agreed to switch to euros.

ITAR-TASS reported earlier that Gazprom Neft considered the possibility to make payments in roubles under contracts. Some contracting parties agree to switch from dollars to euros and Yuans.

"The so-called Plan B is already partially worked out. The switch of dollar contracts to euros and Yuans is agreed on with some of our contracting parties. Under consideration is the possibility to switch contracts to roubles," Dyukov said at the St. Petersburg International Economic Forum.

As we concluded previously,
And as we have explained repeatedly in the past, the further the west antagonizes Russia, and the more economic sanctions it lobs at it, the more Russia will be forced away from a USD-denominated trading system and into one which faces China and India.
Complete story at - 90% Of Gazprom Clients Have "De-Dollarized", Will Transact In Euro & Renminbi | Zero Hedge

CC Photo Google Image Search Source is lh5 ggpht com  Subject is Dollar


  1. The headline is inaccurate. Gazprom Neft is a subsidiary of Gazprom. The change refers only to the subsidiary.

    The move IS significant but nowhere near as significant as the misleading headline suggests. If 90% of all Gazprom's clients had moved away from the dollar, I think we can be assured that things in Russia and the US would be looking a little different right now.

  2. Thanks for that additional info. I like Zero Hedge as a source, but I guess they can't keep up on everything.


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