Russia prepares to attack the petrodollar

The US dollar’s position as the base currency for global energy trading gives the US a number of unfair advantages. It seems that Moscow is ready to take those advantages away.

Lately, China has led the BRICS efforts to dislodge the dollar from its position as the main global currency, but the “sanctions war” between Washington and Moscow gave an impetus to the long-awaited scheme to launch the petroruble and switch all Russian energy exports away from the US currency.

The main supporters of this plan are Sergey Glaziev, the economic aide of the Russian President and Igor Sechin, the CEO of Rosneft, the biggest Russian oil company and a close ally of Vladimir Putin. Both have been very vocal in their quest to replace the dollar with the Russian ruble. Now, several top Russian officials are pushing the plan forward. Continue reading

Russia’s Gazprom plans to sell gas for rubles

MOSCOW, April 07. /ITAR-TASS/. Russian gas giant Gazprom is considering more active use of the ruble in settlements with foreign contractors, Vedomosti business daily reported on Monday, quoting Gazprom spokesperson Sergei Kupriyanov.

Gazprom Neft is also discussing a shift from US dollars to euro payment in settlements with buyers, ITAR-TASS had reported earlier in the day, quoting Gazprom Neft CEO Alexander Dyukov. Continue reading