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Gazprom Neft, a subsidiary of energy giant Gazprom and a Russian oil producer, has taken a significant step in reducing its reliance on the US dollar and euro by conducting crude trade with foreign partners using Chinese yuan and Russian rubles.

This decision comes in response to Western sanctions imposed upon the Eurasian nation, making these currencies unreliable.

Aleksandr Dyukov, CEO of Gazprom Neft, revealed this information at the TNF Energy forum, held in Tyumen Region in Siberia.

The company has adopted the conventional practice of conducting international trade using major global currencies such as the dollar and euro, which reflects a strategic move to align its trade practices more closely with Russia’s economic and geopolitical interests, as well as its significant energy ties with China.

According to Dyukov, it has not encountered any issues withdrawing its export earnings in foreign currency since beginning trading with these currencies. Furthermore, the company receives prompt revenue from oil and petroleum products sales.

Despite a notable shift in the national currencies used to conduct a substantial portion of its export transactions, Dyukov mentioned that the Indian currency is still not being utilized.

This decision reflects a selective approach in transitioning away from traditional global currencies, taking into consideration the specific dynamics of international trade relationships; this was reported by Arabic business news agency MenaFN.

“We don’t use rupees. We mainly use yuan and rubles. We have practically moved away from payments in dollars and euros,” the CEO said.

Russia is not alone in attempting to dethrone the USD as China National Petroleum Corporation (CNPC) has agreed to switch payments for gas supplies to rubles (RUB) and renminbi (RMB).


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According to Simon Watkins, former senior FX trader, financial journalist, and best-selling author, this new payment system will apply firstly to Russian gas supplies shipped via the ‘Power of Siberia’ eastern pipeline route – which totals at minimum 38 billion cubic meters of gas per year (bcm/y).

“After that, further expansion of the new payments scheme will be rolled out. It is apposite to note at this point that although ongoing international sanctions against Russia over its invasion of Ukraine in February have provided the final impetus for this crucial change in payment methodology, it has been a core strategy of China’s from at least 2010 to challenge the U.S. dollar’s position as the world’s de facto reserve currency,” he said in an article he wrote on OilPrice.com.

China has long viewed its Renminbi currency’s position in the global currency league table as a reflection of its geopolitical and economic standing on the international stage.

China has long viewed its Renminbi currency’s position in the global currency league table as a reflection of its geopolitical and economic standing on the international stage.

“As of 2022, the RMB’s share in the SDR mix has risen to 12.28 percent, which China still regards as not truly befitting its rising superpower status in the world,” he further pointed out.

The Russian crude blend, particularly suitable for diesel fuel production, experienced its largest price increase since the G7 and the European Union imposed a price cap on Russian oil and petroleum products.


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These powerful economies were attempting to reduce Moscow’s income from energy resources, as reported by Viktor Katona, Lead Crude Analyst at Kpler Energy Analytics Firm.

“[The] last time when ESPO was positive to Brent was back in November 2022,” said Katona. According to the analyst, along with private refineries, Chinese state processing plants have also boosted their purchases, taking up to seven more cargoes of October-loading ESPO than usual.

Doug Goldsmith

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8 comments

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  • What many do not realize our national debt is very much tied to the petro dollar. Since Richard Nixon proposed this to the Saudis during the gas wars of the 70’s all the energy in the world has been traded in U.S. dollars which we could provide. When those dollars come flooding back to the U.S. no longer needed, the inflation we are experiencing now will seem mild. This was all Joe Stupid Biden. Every president since Nixon has known this deal was fragile. Biden thought he could hurt Putin by cutting off his trading ability. He simply did an end run, made a deal with China and now many other oil exporting countries are looking to do the same. Many of them want to see the great Satan suffer.

  • This was all planned out by the great destroyer of nations George Soros and The Anti-American, Anti-Constitution, fagg Muslim Barack Hussein Obama, to take down and destroy America and her people.
    America now needs the oil pipelines and fraking to produce domestic oil, more than ever.
    I’m fed up with the high prices of gasoline and I’m sure millions of Americans are too.
    Biden does what ever his puppet masters say and want him to do and sign new executive orders to make the American people suffer even more.
    In return, The Communist compromised FBI, CIA, IRS, and the ATF will protect and allow Biden and his family to continue to take bribes and do the bidding for Communist China, and other nations as long as he cooperates. And make no mistake, Mitch McConnell and the Communist Rinos are in on this too, also I don’t doubt that Kevin McCarthy is also in there with them.
    I trust Our great President Donald J. Trump and Jim Jordan, Marjorie Taylor Green, Matt Gates, and just a few more but they can’t get anything done because of the Rinos always are against them.
    It’s time to release the stacks of evidence against Joe Biden and allow the American people to see them.
    Get rid of the puppet by impeachment and charge him for the crimes he’s accused of. Then go after Barack H. Obama and George Soros seize their assets and charge and convict them as well.
    It’s time to allow the Communist Democrats favorite word RACIST to roll off their backs and do your job as Senator’s and Congress men and women, to up hold their Oath of office and defend the Constitution against those Communist Tyrants accountable.!!
    That’s why the people voted them in.
    Do your job now.!

    • Michael, I just joined this discussion group and am very impressed with your thoughts as well as other’s. I agree with all of what you have to say. It is refreshing to have company that thinks alike.

  • The people of the USA have no idea how rottem Biden is, opening the south border is just the start of wrecking the US, Biden should be fired IMMEADLITLY

  • America’s election process is defunct which we can see clearly by the facts and reality surrounding the current unbelievable scandal; which is beyond anything ever seen in American politics heading into a General Election! I remember how Bill Barr stated in the months leading up to the 2020 election so righteously that it would be so inappropriate and goes against the Constitution to bring out any findings of the Durham Report regarding his investigation into the Russian Collusion Hoax perpetrated by many high ranking nefarious characters in our government; how any mention of said findings prior to the election could be seen as an attempt to directly influence the outcome of that election!!! Give me a break; where is Barr now; and all of this circus presently isn’t an attempt to Stymie or Control the outcome of the 2024 Election?

    What’s good for the Goose used to be good for the Gander! But of course with the one-way or the “my way or the highway” Communist Demonicrat Party, any such Constitutional concerns only apply when they say so! Well the shoe is on the other foot now isn’t it! I sure pray that “the other shoe is about to drop” right on down on all of these Criminal Perpetrators!
    Amen.

    What these elected and appointed officials have done, being of such a blatant criminal conspiratorial nature, goes far beyond prosecutorial misconduct! But it is rather straight out “sedition, a conspiracy to control the outcome of a federal election and treason;” all of this while bringing false and otherwise fabricated charges against our former president Trump! And this for obvious partisan purposes “at the behest” of the current “Criminal Traitor Xiden” in the White House whose puppet strings are pulled by Soros and Bathhouse Barry; all of it a pure act of Treachery against the US Constitution and the American People; as they have blatantly with total disregard by these most heinous actions, overridden the US Constitution and their own sworn oaths of office to uphold and defend same!

    There can be “no doubt about the seriousness of this wicked weaponzation of government,” for which everyone involved should be on the “hot seat” all the way to the federal penitentiary, via “absolute guilty verdicts for every one of them!”

    • According to the Constitution and America’s history of long standing established precedent in such matters, we know Xiden, Soros and Bathhouse Barry should already be in prison awaiting execution!

      Instead he and Bathhouse Barry with the Leftist Communists get to tear America apart!

      While now nearly countless RINO’s get to shoot their mouths off, like for example Mace, as if she’s doing something about all the high crimes and treason taking place daily; in order to score political points! Go hold hands with Nikki Haley and do all the shouting you want into the toilet!

      The writing is “all over the wall” just like all the Illegal Aliens overrunning the Southern Border Wall that’s been going on in earnest since this puppet POTUS was installed! Or let’s just for laughs mention the fact that classified government documents were sitting on a bench next to XiDen’s Corvette in the garage at his home in Delaware, which he had no authorization to have in his possession; this happening in the time period when Hunter the “slug in the mud first son,” during the Obama/Biden Administration was “wheeling and dealing” in China; Ah, no wonder he’s the smartest guy in the world or that he knows; according to daddy “The Big Guy, XiDen!”

      This is not news and certainly not “New News” because any “John-Q Public” like me can ascertain by the mountain of “out in ya face” evidence over the last couple of decades; which XiDen left a continuous trail of, by which that along with his big mouth and felonious actions anyone with a clue can tell that he’s not just a crook, but an “all-out Traitor!” Just think how he and his family entourage of conspirators have all become filthy rich just using America and its Citizens as their own private “scam slave” to use and abuse any which way they can!

      This is not “rocket science” and one doesn’t even have to strain their brain to arrive at “the appropriate conclusion” that “Xiden is as low down and as dirty as they come!” He has been in our government apparatus for several decades and “hasn’t done anything substantive for the American People,” but he sure as hell got overwhelmingly rich on that “public servant salary” which could never happen without doing “some heavy dirty dealing” behind closed doors; so “C’mon Man,” let’s be “real,” RINO politician Mace, like McCarthy and others, is just putting on a “pony show” for the Deep State that has plan B, C, D all the way to X, Y and Z if need be, and she like the rest with many a sudden “news flash,” “new investigations” or “revelations” are “shining us all on;” all part of the “CON!”

      • That garbage in the White House along with Obama and most of the Democrat run Congress are serving the UN, WEF and Deep State Globalist Cabal to secure the New World Order! It’s really out of control now, and voting by itself isn’t going to change this hellish paradigm! We do need Divine Intervention and some great miracles to save America.

        Xiden is nothing but a dried our husk and barely a human being, who is demonically possessed over the years, that is self-evident! So the issue is much bigger than a few men or women in power; but is a vast network of planned out orchestrated diabolical evil that like a demon octopus has wrapped its tentacles around America and many other nations to serve a most dark and sinister Global Agenda! Freemason Illuminati!

        Miracles are the only thing that can turn this mayhem around! Sort of the frog in the kettle situation and we all allowed it to come upon us by being lax or thinking someone else would do the heavy lifting; so we all partied on ignoring all the mounting evidence in our faces for decades!

        More were mesmerized and hypnotized than not! Think about it, how more recently pot heads and legal pot shops became ordinary along with all of the drinking; and then a serious killer fentanyl plaguing our nation now! Smart Phones which are addictive phones for stupid people that are being prepared for a chip in the head; mass control!

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