Moscow: We Are Working on Adopting the Chinese Yuan in Trade Transactions

Russian Deputy Prime Minister Alexander Novak stated that the country is working on adopting the Chinese yuan for commercial transactions. Novak added, "We have concluded deals to sell Russian gas and coal in Chinese yuan." Moscow is facing sanctions from the U.S. and the West due to its invasion of Ukraine on February 24. In response to the Western sanctions, Russia announced that payment for Russian gas would be made in rubles for "unfriendly" countries. A few days ago, Novak expressed confidence that Europe would pay for Russian gas in rubles, noting that several European countries have agreed to the Russian decision. He mentioned, "European countries and companies consuming Russian gas are currently considering adopting the ruble for payments for this gas." Novak added, "We hear various statements; some have already agreed to this approach, and some countries are considering the step," expressing his belief that payments for Russian gas will proceed according to the method specified by the Russian president. Russian President Vladimir Putin had signed a decree regarding the payment mechanism for natural gas supplied to "unfriendly" countries, including EU countries, in Russian rubles. According to the decree, customers in unfriendly countries must open accounts in Russian currency at Russian banks. It is noteworthy that President Vladimir Putin's decree on this matter came into effect on April 1.