According to media reports, Gazprom Neft plans to export 2.7 million tons of oil (about 54,000 barrels per day) to Asia in 2015, of which about a third will be exported to China.
Anatoly Cherner, vice president of the Russian gas company, said that since 2014, exports to China have been settled in RMB.
Russian companies and banks, especially those that are under western sanctions like Gazprom, try to limit transactions in the US dollar.
Alexander Dyukov, the president of Gazprom, said that most of the company’s renminbi revenues are used to settle with Chinese contractors. He said: “We use the renminbi to pay Chinese equipment manufacturers for machinery and equipment, although this requires currency conversion. Normally, we will still pay the contractor in RMB."
Gazprom is Russia’s fourth-largest oil producer. Last year it started using RMB to settle crude oil and petroleum products exported to China.
An oil-gas spokeswoman said that oil prices are still based on the US dollar. Including China, Gazprom exported a total of about 1 million tons of oil to Asia last year.
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