The CEO of Russia’s largest oil company Rosneft, Igor Sechin, stated that they now use national currencies significantly in trade with China, saying, “The continuation of the aggressive sanction policy against Russia and China is bringing the next economic crisis in Western countries even closer.”
Sechin spoke at an energy forum held in China’s capital, Beijing, attended by officials from Russia and China.
Noting that Russia’s energy shipments have become the most important element supporting China’s strategic goals, Sechin said, “In the last 10 years, Russia has become China’s number one oil supplier with an approximately 20 percent share.”
Pointing out that the share of the yuan in China’s foreign trade has increased from 2 percent to 52 percent since 2010, Sechin stated, “The dollar’s share, however, declined from 83 percent to 43 percent. While payments between Russia and China have been almost completely converted to national currencies, the share of the dollar and the euro has dropped to the level of a statistical error.”
Sechin stated that the dollar’s position as a global reserve currency has weakened due to its use as a sanction weapon.
Also mentioning sanctions, Sechin commented, “The continuation of the aggressive sanction policy against Russia and China is bringing the next economic crisis in Western countries even closer. Most Western politicians are not aware of the risks they face.”
Sechin said that consumers in Germany and Italy pay 40 cents per kilowatt, which is equivalent to paying 300 dollars per barrel for oil.
Source: Bloomberght
