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Russia dumps U.S. dollar: Country’s top oil producer chooses euro for all future deals

Production

One of the world’s top oil producers and exporters, Russia’s Rosneft, is ditching the U.S. dollar for euros when it comes to all future deals.

The change in the default currency for all new exports of crude oil and refined products is clearly visible in September’s tender documents published on Rosneft’s website.

The switch to euros is said to limit the company’s vulnerability to potential future sanctions by the U.S., Reuters reported on Thursday.

“Rosneft has recently adjusted all the new contracts for export supplies to euros. We’ve been notified,” a trader from a company that regularly buys from Rosneft told Reuters.

Three more traders confirmed that Rosneft has chosen the euro as the default currency going forward.

Since the benchmark oil prices are quoted in U.S. dollars, Rosneft is now asking traders to use Bloomberg’s euro/dollar exchange rate when calculating the final payment.

“Rosneft used to have the euro as one of the options, but since last month it’s the main option. We’ve been notified, but still, it’s a visible change,” one trader said.

Rosneft is Russia’s largest oil company, exporting about 120 million tonnes of oil a year.

The company’s move to embrace euros looks to be in response to the U.S. threats of imposing sanctions on the oil giant for its dealings with Venezuela.

Russia’s oil company has been involved in reselling Venezuela’s oil to Asian countries, which has allowed the Latin American country to bypass U.S. sanctions.

In July and the first half of August, Rosneft “became the biggest buyer of Venezuelan crude,” Reuters reported, citing trading sources and Refinitiv Eikon data. “It took 40% of state oil company PDVSA’s [Venezuelan state-owned oil and natural gas company] exports in July and 66% so far in August,” the media report said.

Kitco



124 Comments on "Russia dumps U.S. dollar: Country’s top oil producer chooses euro for all future deals"

  1. ANAL REAPER on Tue, 8th Oct 2019 7:32 am 

    How on earth can anyone vote for a democrat. All they do is promise to tax the super rich and give trannys who have a 40% suicide rate more rights that they already have.

    TRUMP 2020 you fucking faggots.

  2. TIKIMAN on Tue, 8th Oct 2019 7:33 am 

    Once the Saudi’s do the same it’s all over. Good thing they won’t since the US offers them military protection.

  3. JuanP low IQ sock on Tue, 8th Oct 2019 7:34 am 

    TIKIMAN said Once the Saudi’s do the same it’s all…
    ANAL REAPER said How on earth can anyone vote for a democrat. All t…

  4. Davy on Tue, 8th Oct 2019 7:37 am 

    Another monthly report on the end of the dollar without any real facts. The facts show the dollar is declining very slowly and generally is the least dirty shirt.

  5. Davy approves this message on Tue, 8th Oct 2019 7:58 am 

    Hi Everyone:

    Please read my quote at the bottom for a random example of my civil commentary. Please note my polite, moderate, and balanced approach. You will see why I like to bitch and whine that I am a victim.

    ~~Doesn’t matter if a comment is directed at me, when I disagree I attack using a familiar bag of tricks including playground taunts, insults, and anything else personally demeaning.

    ~~If I disagree, I accuse the poster of being a “foreigner”, then I tell them to get out of my country.

    ~~I address people with condescending names.

    ~~I make statements without evidence.

    ~~I always work “hate” into my comments.

    ~~ALWAYS moderate and neuter stupid Democrats and lying liberals.

    “Bobby, your side is destroying the constitution and corrupting the public domain. Extremist American hating liberals like you need to move to Canada where you belong. Oh, I forgot, you are rich so try an ocean side villa in mexico”

  6. Dredd on Tue, 8th Oct 2019 8:06 am 

    Gives new meaning to the green revolution (Economic War Of The Pacific – 7).

  7. Cloggie on Tue, 8th Oct 2019 8:15 am 

    But remember folks, PBM is a brainfart.

    https://deepresource.wordpress.com/2012/06/23/russia-plays-the-european-card/

  8. Davy on Tue, 8th Oct 2019 8:23 am 

    Deepresource cloggie blog is not legitimate factual reference. That is an agenda Cloggo blog not reality

  9. makati1 on Tue, 8th Oct 2019 8:36 am 

    This is old news. Russia has dumped US dollars and is buying gold with them. Smart move. Other countries are buying gold by the tons, India, China, Kazakhstan, Turkey, Qatar, most Central Banks, etc.

    Only the US is still selling what poor quality gold it has, which may now be zero as no one has seen it or audited it for many decades. Maybe there is zero gold in Fort Knox? Wasn’t it Germany that was told it would take years for Germany’s own gold, kept in the US, to be returned? Why?

    “The first RT article covered the lack of transparency into the US gold reserves, the fact that has never been any of independent audits of the gold, and the fact that a lot of gold bars that the US claims to hold are actually low purity gold bars which do not conform to international industry standards on tradable wholesale gold bars (i.e. Good Delivery standards).” Gold plated lead?

    https://www.bullionstar.com/blogs/ronan-manly/us-gold-reserves-immense-interest-russia-china/

    Since the US is the #1 country for lies and bullshit, my bet is that there is no gold in any federal repository in the US. Prove me wrong.

  10. Cloggie on Tue, 8th Oct 2019 8:38 am 

    “ Deepresource cloggie blog is not legitimate factual reference. That is an agenda Cloggo blog not reality”

    Why? Because you say so?

    The blog post refers to an article written by none other than VLAD THE GREAT himself, where he elaborates on his European Grand Strategy.

    But you of course do not want to see that happening so my post is “not legitimate”.lol

    Whatever, empire dave. Your real motivations are embarrassing transparent. Like that of a 12 year old.

  11. Davy on Tue, 8th Oct 2019 9:27 am 

    I’m only 9 stupid lagoon creature.

    dumbass

  12. joe on Tue, 8th Oct 2019 9:37 am 

    woudlnt worry too much about that. By the looks of things right now, the euro wont be around much longer. cant defend those Italian bond rates forever…….

  13. ID theft on Tue, 8th Oct 2019 9:41 am 

    JuanP ID theft

    Davy on Tue, 8th Oct 2019 9:27 am

    I’m only 9 stupid lagoon creature.

    dumbass

  14. Davy on Tue, 8th Oct 2019 9:51 am 

    WordPress davy blog is not legitimate factual reference. That is an agenda Davo blog not reality

    Hay, wait a minute…

    All blogs are agenda base, and everyone has different realities based on there own experience and perceptions. So that means cloggo blog and davo blog are equally legitimate.

    Glad I got that much figgered out.

  15. Cloggie on Tue, 8th Oct 2019 10:17 am 

    BoJo and Merkel have furious phone call:

    https://www.dailymail.co.uk/home/index.html

    “The day the Brexit deal DIED: Boris Johnson says a deal is now IMPOSSIBLE after Angela Merkel demands Northern Ireland stays in EU customs union in furious phone call – while Donald Tusk accuses PM of a ‘stupid blame game’”

    That’s another obligatory BBC Newsnight watching tonight.

    Interesting times.

    Northsea or Gulf or SCS: may the best “theater” win.

  16. Cloggie on Tue, 8th Oct 2019 10:25 am 

    Every day a train from Chengdu-China passes through my home town Eindhoven:

    https://www.bd.nl/tilburg/de-nieuwe-chinese-zijderoute-leidt-naar-tilburg-7-keer-per-week-een-goederentrein-uit-chengdu~af0b08be/?referrer=https://www.google.nl/

    Tendency: on the increase.

    Continental Europe has options.

  17. Robert Inget on Tue, 8th Oct 2019 10:50 am 

    We’re closer to losing USD super currency today than when I first reported this story a week ago.
    Trump is just doing his job representing himself and not the US.
    This sickness has gone far enough.
    If Trump is not removed from office ASP, America
    will become ‘The Joker’.
    Talk about inmates in charge!

    Here’s yet another (former) OPEC member with all manner of strife on their hands.

    Ecuador’s state-owned energy company Petroamazonas has suspended production at three fields amid protests against rising fuel prices that have forced the government to move from the capital Quito to the coastal city of Guayaquil.

    Reuters quotes the Ecuadorian energy ministry as saying the field was “taken” by “individuals not affiliated with the operation.” The ministry added it had deployed the army at key locations in a bid to “safeguard the Ecuadoran state’s resources.”

    Ecuador increased fuel prices by up to 120 percent earlier this month and this sparked protests among farmers and indigenous peoples, France 24 reports. Hundreds have taken to the streets and roads, blocking them and burning tires and barricades.

    Removing fuel subsidies was the reason for the price spike as the government of Lenin Moreno seeks to shrink Ecuador’s fiscal deficit. As the protests enter their fifth day, President Moreno has accused his former compatriots of staging a coup with the help of Venezuela’s Nicolas Maduro.

    “What has happened is not a manifestation of social discontent in protest of a government decision. The lootings, vandalism and violence show there is an organized political motive to destabilize the government,” Moreno said.

    Several thousand people are marching towards the capital Quito, according to a local organization of indigenous people, CONAIE. France 24 recalls that almost 20 years ago CONAIE was instrumental in the ousting of then-president Jamil Mahuad from office during another economic crisis.

    Troubled by its economic woes, Ecuador recently announced it would leave OPEC from January next year as it seeks to increase its oil revenues, which cannot happen if it complies with a production cap.

    The Andean country has crude oil reserves estimated at 8.27 billion barrels and produces a little over half a million barrels daily, according to OPEC data. Of this, close to 400,000 bpd are exported. By Irina Slav for Oilprice.com

    The list goes on.
    Oil hit new lows today on ‘Trade Concerns’.

    Another fine job Trump.

    I just realized, Trump intends to pull US ‘peace-keepers’ out of Syria because Obama put them in place. Obama and all former Presidents
    in living memory were sane.

  18. Richard Guenette on Tue, 8th Oct 2019 10:56 am 

    We should have a cashless world.

  19. Duncan Idaho on Tue, 8th Oct 2019 11:10 am 

    Monthly Average Mauna Loa CO2
    September 2019: 408.54 ppm
    September 2018: 405.51 ppm

  20. Outcast_Searcher on Tue, 8th Oct 2019 11:14 am 

    Meanwhile the DXY is up for the day, since mid year, for the year, over 3 years, over 5 years…

    Meanwhile the FX markets exist, and anyone with means and a brain can hold any basket of currencies they wish.

    With no economic knowledge, forecasting doom by the “end of the dollar” is about as accurate as forecasting economic doom generally has been for many decades.

  21. JuanP on Tue, 8th Oct 2019 11:50 am 

    Selling US Dollars to buy gold sounds like a very smart thing to do. You should all diversify your investments. Only 5% of my assets are US Dollars or USD denominated. Anything over that goes to gold and silver once a month.

  22. Robert Inget on Tue, 8th Oct 2019 12:11 pm 

    Duncan,
    I have it rat here, CO/2 levels will NEVER exceed 400 PPM. (2001)

    Richard Guenette,
    In many respects, RG, we already have a ‘cashless’ world.

    Back in the day: coming home I always emptied my pockets of loose change. Every six months or so I brought my change to my credit union coin counting machine. Totals are down and time in between counts are so far up I can’t recall the last time I cashed in a coin stash.

    Everytime we use ‘plastic’ we are in effect ‘printing money’. Welcome to a digital world.

    Even ‘cashless’ bitcoin, gold, silver, oil, priced in dollars.

    If the US loses USD as I now fear, the US will no longer be able to borrow at the MOST favorable rates to support debt service much less
    human services. America turns into a failing state OVERNIGHT. If we start to default on foreign debt, it’s all over.

    Here’s a joke so old only 80 year olds recall it.

    After WW/1 all Allies gathered to settle up war debts. When it came to Russia, the Communists
    unpacked a printing press.

    (that was a knee slapper in my day)

    However, what does Congress do every six months to ‘balance the budget’?

  23. Davy on Tue, 8th Oct 2019 12:16 pm 

    “Selling US Dollars to buy gold sounds like a very smart thing to do. “
    Kinda stupid now with gold prices elevated but you are not known for being smart. Farm land you can produce something on is much more important.

    “You should all diversify your investments.”
    Duh, WTF gave you that idea. Did you read it in a finance guide Mr. money man? Why don’t you diversify your comments away from stupid. OF course you should be diversified unless you are a expert.

    “ Only 5% of my assets are US Dollars or USD denominated. Anything over that goes to gold and silver once a month.”
    SHTF and you will be robbed of your gold and silver dumbass. South Florida is about the worst place somebody can be these days

  24. dumbass juanP sock on Tue, 8th Oct 2019 12:17 pm 

    Richard Guenette on Tue, 8th Oct 2019 10:56 am

  25. Davy on Tue, 8th Oct 2019 12:34 pm 

    “Close To A Standstill”: IMF Warns Global Growth Will Be Cut To Lowest Since Lehman”
    https://tinyurl.com/yycpefbn zero hedge

    “According to the IMF’s new head, Bulgarian Kristalina Georgieva, the monetary fund will again cut its growth forecast for both 2019 and 2020; as a reminder back in July, the IMF again cut its projection for 2019 GDP growth to 3.2% this year and 3.5% next year, its fourth downgrade since last October, and the lowest since the financial crisis amid ever-escalating trade war. In fact, according to Georgieva, who apparently was brought in to take the blame for Lagarde’s disastrous legacy, global trade growth “is close to a standstill”, which last time we checked was 0%…”The global economy is now in a synchronized slowdown,” she said, noting that the fund estimates that 90% of of the world is seeing slower growth. This is a huge change to the global economy from two years ago, when growth was accelerating across three-quarters of the globe in a synchronized upswing.To be sure, the IMF – as usual – is among the last to recognize what was already obvious to its peers. The OECD cuts its own forecast last month; on Monday, World Bank President David Malpass said that the lender is also preparing to downgrade its assessment from a projection of 2.6% it made in June. As one would expect, the IMF’s admission of the sad state of affairs is not without a hidden motive, in this case getting Germany to issue more debt and prop up Europe’s flailing economy…Of course, the IMF was quick to blame Trump and Brexit for the slowdown: “Uncertainty — driven by trade but also by Brexit, and geopolitical tensions — is holding back economic potential,” Georgieva said. Not only that, but the economic rifts could “last a generation” with possible shifts such as broken supply changes and siloed trade. What it failed to mention is that the real reason for the economic slowdown has nothing to do with Trump however, and everything to do with China’s untenable debt load and Beijing’s resulting inability to boost the credit impulse which on every prior occasions succeeded in pushing the world away from the verge of recession. Well, not this time. We will spare readers the obvious commentary of what would happen to the world’s ability to generate another credit impulse if the developed economies actually followed the IMF’s advice, and issue even more debt.”

  26. dumbass Davy on Tue, 8th Oct 2019 1:36 pm 

    See:

    Every comment I have made in this thread. All of them.

    Every single one.

    No exceptions

  27. Harquebus on Tue, 8th Oct 2019 1:51 pm 

    It’s easy to complain and suggest culprits such as D.T. however, most of our problems can be attributed to one thing; the relentless pursuit of economic growth. All those that participate in this absurd pursuit are to blame.

  28. Davy on Tue, 8th Oct 2019 2:20 pm 

    What does that means juanPee. Did I insult you because you made a shallow attempt at being smart. With a short no-shit comment. Be advised asswipe any comment you make that is stupid and shallow will be neutered. Why, because you are a dirty coward who does not deserve to make a normal comment. You are now stuck with socks and ID theft. Fuck nut.

    JuanP iD theft
    “dumbass Davy on Tue, 8th Oct 2019 1:36 pm
    See:
    Every comment I have made in this thread. All of them.
    Every single one.
    No exceptions”

  29. Davy on Tue, 8th Oct 2019 2:22 pm 

    “All those that participate in this absurd pursuit are to blame.”’

    I assume you mean yourself also? You know, since you are finger pointing.

  30. Robert Inget on Tue, 8th Oct 2019 2:35 pm 

    ForexLive
    @ForexLive
    · 5h
    Yikes: IMF says major downturn could put $19 trillion in corporate debt at risk of default — 40% of the total in 8 major economies.

    This is the ‘Long Game’ Putin in playing.
    Trump is only the robotic ‘useful idiot’.

    It’s an old Marxist slogan. “Tear down an existing
    economy and rebuild”

    The fastest way to destroy an economy, even an individual, allow them to self destruct.

    Trump is self destructing along with our laws under our noses.

  31. Harquebus on Tue, 8th Oct 2019 2:52 pm 

    Davy.
    You identified yourself as an idiot a long time ago and every comment you post confirms it.
    Time is precious and you are a waste of it. This is my last response to you.
    Cheers.

  32. Davy on Tue, 8th Oct 2019 3:23 pm 

    “Davy.You identified yourself as an idiot a long time ago and every comment you post confirms it.”

    Fuck off, you spit in my face a few days ago and now you whine because I give you back some of your medicine. Your comments lack depth and are the same old worn out effort at blaming everything on growth and the US.

    “Time is precious and you are a waste of it. This is my last response to you. Cheers.”

    Stick your Australian “cheers” up your ass where it belongs. You are not here enough to be relevant. Yes, time is precious and I am making far better use of it than you are you cry baby. I would appreciate no more responses. You are the dumbass that stated it.

  33. Davy on Tue, 8th Oct 2019 3:53 pm 

    “Farm land you can produce something on is much more important.”

    Until the gangs show up that is. Than your way better off with gold. Its hard to carry farm land in you’re pockets.

    I’m extra sorry Juan. You were write agane.

  34. Davy on Tue, 8th Oct 2019 3:56 pm 

    Oh ya, and oops, sorry for getting all emotional like and losing my widdle temper again everyone.

    I can’t help myself.

  35. JuanP on Tue, 8th Oct 2019 3:59 pm 

    “Farm land you can produce something on is much more important.”

    Until the gangs show up that is. Than your way better off with gold. Its hard to carry farm land in you’re pockets.

    I’m extra sorry davy. You were write agane.

  36. Davy on Tue, 8th Oct 2019 4:00 pm 

    Than your way better off with gold. Its hard to carry farm land in you’re pockets.

    Bullshit, dumbass, you have a little of both. Obviously all you have is a cheap Miami Beach condo and a few thousand in gold. Not much good in a collapse in south Florida. You are fucked

  37. JuanP on Tue, 8th Oct 2019 4:01 pm 

    Oh ya, and oops, sorry for getting all emotional like and losing my widdle temper again everyone.

    I can’t help myself.

  38. JuanP on Tue, 8th Oct 2019 4:05 pm 

    BTW cloggo, I’m real partial to cute guys. Specially ones with ebony penuses.

  39. Davy on Tue, 8th Oct 2019 4:07 pm 

    Oops, sorry everyone. I forgot. JuanP said he was moving back home when the US economy collapses. Why on earth would he stay in Florida? That was awful dumb of me.

  40. Cloggie on Tue, 8th Oct 2019 4:41 pm 

    Brexit, the gloves are off:

    https://twitter.com/afneil/status/1181672853755895810

    Juncker: a no-deal Brexit means a collapse of the UK.

  41. JuanP on Tue, 8th Oct 2019 4:54 pm 

    Ugly woman need loving too SMJ. And they don’t mess around as much. BTW, rubber penuses are an south American thang. I doubt they have them way far down west

  42. The Genius of DavySkum on Tue, 8th Oct 2019 5:09 pm 

    “You started it.”

    “No, you started it.”

    “No, no, no, I’ sure you started it.”

  43. More DavySkum Genius Examples on Tue, 8th Oct 2019 5:13 pm 

    “You’re a dumbass”

    “I know you are but what am I?”

    “You’re smart and witty.”

    “I know I am but what are you?”

  44. Duncan Idaho on Tue, 8th Oct 2019 5:13 pm 

    Trump is self destructing along with our laws under our noses.
    The Fat Boy has been bankrupt 6 times.
    He has experience,

  45. Cloggie on Tue, 8th Oct 2019 5:30 pm 

    Rumor:
    Romney to run too, like Clinton

    https://www.rt.com/op-ed/470394-clinton-romney-politics-hollywood-remakes/

  46. makati1 on Tue, 8th Oct 2019 6:04 pm 

    Hmmm. Davy says buying gold is dumb because…he said so. Today’s gold prices are way low from where they will be when the SHTF and US debt paper is worthless. I bet he said that in 2001 when it was ~$390/oz.

    Gold is a part of my preps and will be added to on my next US visit. Perfect store of wealth. Doesn’t rust, rot, corrode, or lose its value as money over thousands of years. Most everyone recognizes it and wants it. What could be better? Digits? LMAO!

  47. Davy on Tue, 8th Oct 2019 6:07 pm 

    “Hmmm. Davy says buying gold is dumb because…he said so. Today’s gold prices are way low from where they will be when the SHTF and US debt paper is worthless. I bet he said that in 2001 when it was ~$390/oz.”
    Dumbass, you have a reference where I said buying gold is dumb? I am waiting to prices maybe fall when there is a recession. This is something you would not understand because you have no money to buy gold. All you do is talk like you can buy it because you know you love to point fingers at rich people but also want to be one.

  48. makati1 on Tue, 8th Oct 2019 6:44 pm 

    Referance to your above accusation Davy:

    ““Selling US Dollars to buy gold sounds like a very smart thing to do. “
    Kinda stupid now with gold prices elevated but you are not known for being smart. Farm land you can produce something on is much more important. (First putdown for owning gold)

    “You should all diversify your investments.”
    Duh, WTF gave you that idea. Did you read it in a finance guide Mr. money man? Why don’t you diversify your comments away from stupid. OF course you should be diversified unless you are a expert. (Second putdown)

    “ Only 5% of my assets are US Dollars or USD denominated. Anything over that goes to gold and silver once a month.”
    SHTF and you will be robbed of your gold and silver dumbass. South Florida is about the worst place somebody can be these days.” (Third putdown)

    That proves that only Davy knows anything? BULLSHIT! Davy is an arrogant, immature bully that likely has nothing but lies and hypocrisy. Davy has no life except PO. He proves it every day.

  49. Davy on Tue, 8th Oct 2019 6:56 pm 

    ““Selling US Dollars to buy gold sounds like a very smart thing to do. “ Kinda stupid now with gold prices elevated but you are not known for being smart. Farm land you can produce something on is much more important. (First putdown for owning gold)”
    Please, dumbass, did you read “when prices are high” like they are now??? Brain dead senior

    “You should all diversify your investments.” Duh, WTF gave you that idea. Did you read it in a finance guide Mr. money man? Why don’t you diversify your comments away from stupid. OF course you should be diversified unless you are a expert. (Second putdown)
    Ah, so what is your point brain dead senior? What does that have to do with gold?

    “ Only 5% of my assets are US Dollars or USD denominated. Anything over that goes to gold and silver once a month.”SHTF and you will be robbed of your gold and silver dumbass. South Florida is about the worst place somebody can be these days.” (Third putdown)
    Makato, again what does that have to do with gold? Dumbass JuanP, your boy, has his wealth in gold in south Florida. He might not get it out. I know you just are not smart enough to understand that are you?

    “That proves that only Davy knows anything?”
    What it proves is you want to do your nightly attacks on me but instead I shut you down with a neutering. Makato, your almost 80 and not up to an intellectually fight.

    “BULLSHIT! Davy is an arrogant, immature bully that likely has nothing but lies and hypocrisy. Davy has no life except PO. He proves it every day.”
    Bla, bla, why did you pick a fight tonight? Do you need a little adrenalin rush. LOL washed up senior is all you are.

  50. Davy on Tue, 8th Oct 2019 6:57 pm 

    (First putdown for owning gold)”
    (Second putdown)
    (Third putdown)

    Makato, did you see how many ID thefts your boy juanp did today. Oh and how many stupid sock comments. Fuck off on put downs. In fact, you need to be put down. You serve no purpose in life. You are just a parasite.

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