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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. makati1 on Tue, 8th Oct 2019 7:04 pm 

    “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.”

    My ‘nightly’ attacks? It is Wednesday morning here and sometimes I like to start my day by calling you out on your delusional bullshit. I stand by my assessment that you are an arrogant, immature, delusional bully, Davy. Nothing more.

  2. makati1 on Tue, 8th Oct 2019 7:21 pm 

    Davy, frustration at not being sane/mature enough to hold a rational conversation is no reason to try to put down those you don’t agree with, which is everyone but Davy.

    The US needs to be put down and the wasteful, murdering, plundering, destruction it has been causing all over the world. I would like to see the US experience a Greatest Depression/Great Leveling that would make the 1930s look like a fun picnic, so it cannot cause more trouble. If it destroyed the capitalist system, so much the better.

    Those with survival skills will manage. Those without will be culled. You have no skills, Davy. Step to the front of the cull line. LMAO!

  3. JuanP on Tue, 8th Oct 2019 7:36 pm 

    “Not another Dollar!”
    https://www.rt.com/business/470452-russia-turkey-national-currencies/

  4. REAL Davy on Tue, 8th Oct 2019 9:44 pm 

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

    Makato, did you see how many ID thefts I did today. Oh and how many stupid sock comments. Fuck, I love put downs. In fact, I need to be put down. I serve no purpose in life. I am just a parasite.

  5. Davy on Tue, 8th Oct 2019 10:23 pm 

    BTW dumbasses. I’ll be back in the morning to keep squabbling with every single one of you, cus I have nothing better to do with my pathetic meaningless life.

    Did I mention everyone in the holeworld our dumbasses, cept fer me?

    I think I might of.

    dumbasess

  6. Davy on Tue, 8th Oct 2019 10:40 pm 

    It’s real nice to see you back again JuanP. Hope you stick around for a while. The board missed your’re common sense real bad like.

    BTW, thanks for attacking me and giving me all that material for growth. Without yer help i’d still be a looser.

  7. Cloggie on Tue, 8th Oct 2019 10:42 pm 

    A day in the life of empire:

    https://www.dailymail.co.uk/news/article-7552603/TV-shows-meet-diversity-targets-win-Baftas.html

    “TV shows will have to meet diversity targets on gender, race and sexuality among characters to be able to win Baftas, the awards academy declares”

    Anything that brings down this shitpile… China and Brexit come to mind… is good.

  8. Cloggie on Tue, 8th Oct 2019 10:49 pm 

    We already knew but thanks for the confirmation:

    https://www.dailymail.co.uk/news/article-7552381/Former-spy-chief-David-Omand-reveals-internet-giants-information-MI5.html

    “Former spy chief David Omand reveals internet giants such as Google and Facebook have more information about you than MI5 ‘could ever know’”

  9. Cloggie on Tue, 8th Oct 2019 10:52 pm 

    Special relationship latest:

    https://www.dailymail.co.uk/news/article-7552531/Wife-American-spy-fled-Britain-air-force-base.html

    “Wife of American spy fled Britain ‘from a US air force base’ after ‘killing 19-year-old men in hit-and-run car crash’”

  10. Cloggie on Tue, 8th Oct 2019 11:07 pm 

    Brexit, the real reason of the demise of Thomas Cook:

    https://www.dailymail.co.uk/news/article-7552691/Holiday-bookings-suffer-hit-amid-fears-No-Deal-Brexit-Britons-hold-taking-trips.html

    “Holiday bookings suffer a hit amid fears of No Deal Brexit as Britons hold back on taking trips abroad”

    Brexit sneak preview, more to follow.

  11. Davy on Wed, 9th Oct 2019 12:16 am 

    How cum everybody elses so smart and i’m such a moron? It’s just not fare. That makes me all real mad like.

  12. Davy on Wed, 9th Oct 2019 12:31 am 

    I gots it all figgered out. If I copy and paste enough zero-IQ articuls, right enough word saladsthat meen nothin at all, and piss everybody else off by calling them infantile names with lots of cuss words, that’ll make me the boss of all the discussions. That’s some REALsmart shit their by me. The board leading Xperit about everything.

    Dumbasess

  13. Cloggie on Wed, 9th Oct 2019 2:27 am 

    World Economic Forum competitive index 2019:

    City state Singapore new #1 (UK wants to become a Singapore).

    Netherlands overtakes Germany and becomes most competitive economy in Europe:

    1. Singapore
    2. United States
    3. Hong Kong
    4. Netherlands
    5. Switzerland
    6. Japan
    7. Germany
    8. Sweden
    9. United Kingdom
    10. Denmark

  14. I AM THE MOB on Wed, 9th Oct 2019 4:02 am 

    Fuck off cloggo. Nobody wants you and your carnival barking here.

  15. Cloggie on Wed, 9th Oct 2019 5:44 am 

    “Nobody wants you and your carnival barking here.”

    Your only fan here is Bob Inget.

    But tell me angry mobby, how is your war against white America proceeding?

  16. joe on Wed, 9th Oct 2019 7:02 am 

    The Lehman collapse in 2008 was proof that collateralized debt splurges were unsustainable. Since that time all we have done is save the other banks by converting banks liabilities into national liabilities. The much talked about ‘moral hazard’ of doing this has come to pass. So that now, government cannot spend their way out of another major downturn AND keep the banks confident of their future. Rather than bail out the banks then break up the worst ones, the worst ones have simply grown and become more reckless. Its possible that for the first time in generations that western economies might lose confidence in banks as secure places to store wealth. One consequence will be that governments will have to issue their own currency. Sadly that is bad news for international currencies but great for rebalancing the global economy. Impeachment of Trump will accelerate this process as when the left takes power the corporate sector will collapse as they understand that the left cannot use government spending to recover from any future recession as many people have been telling those paying attention. Their only recourse will be to use wealth redistribution tools and they will have no impact as without an industrial base, the west requires mountains of debt and increasing consumption of services. Getting rid of Trump will achieve nothing, except to expose us more to risk of a recession like we’ve never seen before.

  17. Robert Inget on Wed, 9th Oct 2019 10:23 am 

    BREAKING: The president is refusing to be impeached on grounds that if he were impeached, then he would be impeached.

  18. Robert Inget on Wed, 9th Oct 2019 10:38 am 

    Overnight, Trump dumps BOTH VP Pence and Allies the Kurds. Pence, bless his Christian heart won’t find out till get home and his wife lays the bad news on him.
    Trump’s plot is to get Pence impeached BEFORE himself. Then, Republicans so afraid of getting Nancy, third in line, will not vote to impeach Our Dear Leader.

    Trump’s lawyers are busy dropping bread crumbs
    leading directly to Mike’s office.

    IMO Congress won’t fall for this distraction.
    There is so so much more evidence to impeach
    Trump than just breadcrumbs.

  19. Cloggie on Wed, 9th Oct 2019 10:42 am 

    Anglos and their limited talent-interest for languages, sigh.

    The entire British press goes berserk, claiming that Juncker had said that the UK will “collapse” over a no-deal Brexit. And indeed Google Translate says “collapse” as well.

    However the original French word Juncker used was “affaissement”, which in the given context means “decline”.

    Not that the English are interested in the truth. They are preparing for yet another 1914/1939.

    So should we.

  20. Duncan Idaho on Wed, 9th Oct 2019 11:06 am 

    IMO Congress won’t fall for this distraction.
    There is so so much more evidence to impeach
    Trump than just breadcrumbs.

    Even the most sociopathic Repug greed heads are getting nervous.
    How are they going to get rid of this idiot, and continue to rape and scrape the populace?

  21. supremacist muzzies jerk on Wed, 9th Oct 2019 12:02 pm 

    yawn, as a diehard libturd who converted to a blue republican to vote for supertard president paul, i see these libtards hawking their wares and it’s boring. get rid of the nose rings guys, you’re 80 not 18.

  22. JuanP ID theft on Wed, 9th Oct 2019 12:22 pm 

    JuanP took supremacist muzzies jerk’s handle. That is definitely not him

  23. Richard Gurnette on Wed, 9th Oct 2019 12:27 pm 

    JuanP is supremacist muzzies jerk

  24. Davy Socks and ID Fraud on Wed, 9th Oct 2019 2:56 pm 

    supremacist muzzies jerk on Wed, 9th Oct 2019 12:02 pm

    JuanP ID theft on Wed, 9th Oct 2019 12:22 pm

    Richard Gurnette on Wed, 9th Oct 2019 12:27 pm

  25. Cloggie on Wed, 9th Oct 2019 2:59 pm 

    Tone in Brexit drama hardens:

    https://www.independent.co.uk/news/uk/politics/boris-johnson-news-live-brexit-no-deal-varadkar-ireland-border-merkel-latest-a9148426.html

    “Boris Johnson news – live: PM suffers fresh Brexit humiliation as EU systematically rubbishes plan, amid bizarre scheme to defy Queen”

    https://www.dailymail.co.uk/news/article-7555317/Guy-Verhofstadt-labels-Boris-Johnson-TRAITOR-Brexit.html

    “Guy Verhofstadt labels Boris Johnson a ‘TRAITOR’ for ‘pushing Britain out of the EU’ as furious war of words erupts between the UK and Brussels over Brexit stalemate”

  26. Cloggie on Wed, 9th Oct 2019 3:15 pm 

    It is obvious that the EU and Johnson government won’t achieve a deal anymore.

    Against my earlier expectation, the EU won’t play into BoJo’s hands and won’t throw out the UK, which is what he wants most and instead will attempt to force him to request yet another extension and humiliate him.

    If Britain wants to avoid a no-deal Brexit and subsequent “Thomas Cook-ization” of the British economy, a successful vote of no-confidence would be a step, avoid elections and form a national caretaker government.

    That’s a lot of ifs.

    The wisest thing to do would be signing the May-deal, but wisdom is in short supply in BoJo-Farage-ERG Britain.

    The EU could enforce a breakthrough in requiring an extension to a binding referendum:

    1. May-deal
    2. No-deal

    Don’t hold your breath.

    The real danger is that democracy will look impotent, a diverging process, unable to arrive at a conclusion. The next stage is the call for the strong man.

    He is already in office.

  27. Davy on Wed, 9th Oct 2019 6:29 pm 

    “Joe Biden ‘Personally Paid $900,000 By Burisma’ According To Ukrainian MP In Bombshell Admission”
    https://tinyurl.com/yyhp2dbx zero hedge

    “Ukrainian MP Andriy Derkach revealed on Wednesday that former Vice President Joe Biden received $900,000 from Burisma Group for lobbying activities, citing materials related to an investigation. Via Interfax: Former U.S. Vice President Joe Biden received $900,000 for lobbying activities from Burisma Group, Ukraine’s Verkhovna Rada member Andriy Derkach said citing investigation materials. Derkach publicized documents which, as he said, “describe the mechanism of getting money by Biden Sr.” at a press conference at Interfax-Ukraine’s press center in Kyiv on Wednesday. -Interfax “This was the transfer of Burisma Group’s funds for lobbying activities, as investigators believe, personally to Joe Biden through a lobbying company. Funds in the amount of $900,000 were transferred to the U.S.-based company Rosemont Seneca Partners, which according to open sources, in particular, the New York Times, is affiliated with Biden. The payment reference was payment for consultative services,” said Derkach. Derkach also puiblicized sums of money transferred to Burisma Group representatives – including Joe Biden’s son Hunter. “According to the documents, Burisma paid no less than $16.5 million to [former Polish President, who became an independent director at Burisma Holdings in 2014] Aleksander Kwasniewski, [chairman of the Burisma board of independent directors] Alan Apter, [Burisma independent director] Devon Archer and Hunter Biden [who joined the Burisma board of directors in 2014],” Derkach added. “Using political and economic levelers of influencing Ukrainian authorities and manipulating the issue of providing financial aid to Ukraine, Joe Biden actively assisted closing criminal cases into the activity of former Ukrainian Ecology Minister Mykola Zlochevsky, who is the founder and owner of Burisma Group.”

  28. Davy on Wed, 9th Oct 2019 6:34 pm 

    Will somebody tell butt breath JuanP I am turning in early tonight so he can begin his mindless nighttime trolling. Tell the fuck nut I will clean up his mess in the morning.

  29. makati1 on Wed, 9th Oct 2019 7:09 pm 

    Davy, no one here cares what you do but they would applaud loudly if you just went away, permanently.

  30. makati1 on Wed, 9th Oct 2019 7:10 pm 

    BTW Davy, why don’t you get a life? Are they rationed in Missorah and you were at the end of the line?

  31. Cloggie on Thu, 10th Oct 2019 1:46 am 

    East-German right-winger with automatic rifle, backs off from synagogue (with 80 people in it, preventing Kristallnacht 2.0) and instead throws a hand grenade on a jewish cemetery, killing all those who were already dead, and next shoots 2 people in the surrounding of a Kebab joint, all the while streaming live content onto Youtube.

    He is arrested.

    https://www.theguardian.com/world/2019/oct/09/two-people-killed-in-shooting-in-german-city-of-halle

    German intelligence agencies had already warned for the rise of right-wing terrorism, a no-brainer for a Merkel political class that describes its own population as “die schon länger hier Lebende” (“those who live here already somewhat longer” = ethnic Germans).

    Again, both in Europe and in America the USSR-1991 style political implosion is not that far away. The libtard regimes are committing suicide.

  32. Davy approves this message on Thu, 10th Oct 2019 3:51 am 

    Nobody gives a flying fuck when Davy dumb shit goes nighty night.

    Talk about narcissistic personality disorder.

    IF he has a wife, she must be such an ugly hag to put up with his insanity or he bought off the family.

  33. Cloggie on Thu, 10th Oct 2019 4:46 am 

    Idiocracy latest:

    https://www.dailymail.co.uk/news/article-7554515/Trump-says-Middle-East-war-worst-decision-demands-Turkey-captured-ISIS-fighters.html

    “Donald Trump warns Erdoğan he’ll see ‘far more than sanctions’ if Turkey’s Syria invasion isn’t ‘humane’ but won’t say what that means and he complains that the Kurds ‘didn’t help us with NORMANDY'”

  34. JuanP garbage on Thu, 10th Oct 2019 6:13 am 

    Davy said Got nothin’ better to do so why not ID theft…
    Davy approves this message said Nobody gives a flying fuck when Davy dumb shit goe…
    supremacist muzzies jerk said And dumping yuuuuge quantities of trash in the Atl…
    supremacist muzzies jerk said Supertard Juanp said this when he was just a tard….
    supremacist muzzies jerk said supertard big muzzie beard said muzzie so dangerou…
    supremacist muzzies jerk said us military have custody of two beetles muzzies an…
    supremacist muzzies jerk said for some time now i have thought of appointing add…

  35. sore loser on Thu, 10th Oct 2019 6:14 am 

    makati1 said BTW Davy, why don’t you get a life? Are they…
    makati1 said Davy, no one here cares what you do but they would…

  36. Davy on Thu, 10th Oct 2019 6:14 am 

    “Debt Market Suffering “Quiet Meltdown” As Billions In Loans Are Suddenly Crashing”
    https://tinyurl.com/y2xkvm4m zero hedge

    “The exponential growth in the leveraged loan market, in the last several years, created an enormous excess accumulation of sub-investment grade loans that are a ticking time bomb when the next recession strikes…One of the hardest-hit sectors in the loan market is energy, with $12 billion of loans falling more than ten cents on the dollar. Consumer and health care sectors are next, with collectively $13 billion in loans outstanding that are starting to become distressed. The deterioration of underwriting standards in the loan market has allowed companies who are susceptible to credit downgrades when the economy slows to obtain loans. But that ‘ease of underwriting’ is a two-edged sword as the current weakness, prompting downgrades, will force managers to sell loans into already illiquid markets, since their portfolios (or CLOs in many cases) can’t hold these investments because of certain rating thresholds. The leveraged loan market is therefore comparable to the subprime mortgage market a decade ago. It’s a significant imbalance that will be corrected in the next recession and will amplify the next downturn…The accumulation of excessive leverage and high exposure to loans of non-financial companies adds to the uncertainties that corporate America, as highly leveraged as it is, could see an epic implosion as the next recession could arrive as early as 2020.”

  37. Davy on Thu, 10th Oct 2019 6:15 am 

    “New Peer Reviewed Academic Study Finds Diversity is Not a Strength”
    https://tinyurl.com/y3ct2e63 summit news

    “A new peer reviewed study by Danish academics has found that ethnic diversity has a negative impact on communities because it erodes trust. It turns out that diversity is not a strength after all. The study, entitled ‘Ethnic Diversity and Social Trust: A Narrative and Meta-Analytical Review’, was conducted by Peter Thisted Dinesen and Merlin Schaeffer from the University of Copenhagen and Kim Mannemar Sønderskov from Aarhus University. Seeking to answer whether “continued immigration and corresponding growing ethnic diversity” was having a positive impact on community cohesion, the study found the opposite to be the case. Studying existing literature and also carrying out a meta-analysis of 1,001 estimates from 87 studies, the researchers concluded, “We find a statistically significant negative relationship between ethnic diversity and social trust across all studies.”

    Of course, it depends because diversity is such a broad term. I would say there are limits to diversity and applications. We need only look at the ecological world to see how diversity has its benefits but we can also see how invasive species destroy stable ecosystems and often throw them into destructive succession. Yet, sometimes destructive succession leads to strengthening. One thing is for sure an article like above which is clearly taking sides is not the full story.

  38. Davy on Thu, 10th Oct 2019 6:15 am 

    “The Bluffpeachment”
    https://tinyurl.com/y5fyvd5v American thinker

    “The current situation in Washington is, in the language of poker, a bluff. The Democrats are bluffing; they have only weak cards in their hand. They actually have nothing against Trump. That’s all they have ever had. As it is known, impeachment is simply a vote of no confidence. A vote of no confidence exists in many countries where there is a political separation of powers. In some countries, for example, the president has the right to dissolve parliament and call new parliamentary elections, and as a political counterbalance, the parliament can declare a vote of no confidence against the president. In America, the president cannot dissolve Congress under any circumstances, but the price for such protection of the Congress is high: as a counterweight, both chambers — the Senate and the House of Representatives — must speak out against the president in case of impeachment. This process of a vote of no confidence in the House of Representatives is called impeachment, and in the Senate, a trial.”

  39. Troll that BITCH on Thu, 10th Oct 2019 6:19 am 

    JuanP is your chronic depression catching up with you? Your troll efforts are stalling. Even your supremo muzzle jerkoff is now redundant copy and past garbage. FUCK NUT

  40. supremacist muzzies jerk on Thu, 10th Oct 2019 8:08 am 

    troll tard, be respectful toward supertard juanP

  41. Davy approves this message on Thu, 10th Oct 2019 3:23 pm 

    DavyDonaldTurd (DDT):

    DDT, your thoughts reflect and project perfectly like a mirror; the subconscious perceptions that are held about the Self. What you fail to comprehend is your incessant assaults and postings are a perfect reflection of your present state of mind and how you feel about yourself on the inside. Your resentment, anger and desire for revenge reveal anger and contempt of yourself, rooted in jealously, fear, and a sense of failure with who you are, questioning your ability to aptly compete with others.

    DDT, use this knowledge to become more self-aware and introspective. By doing so, you can diffuse inner conflict and confusion and become a pacifist of the mind rather than a bellicose, xenophobic, and hateful Trumptard of the mind.

    DavyDonaldTurd (DDT), clean-up your act, now, before it’s too late. The clock is ticking, and the hour is late.

  42. Dumb shit is out on Thu, 10th Oct 2019 6:32 pm 

    JuanP ID theft

    Davy approves this message said DavyDonaldTurd (DDT): DDT, your thoughts reflect a…

  43. Stupid JuanPee sock puppeteering on Thu, 10th Oct 2019 8:07 pm 

    Dumb shit is out on Thu, 10th Oct 2019 6:32 pm

  44. Davy on Thu, 10th Oct 2019 8:11 pm 

    “Your resentment, anger and desire for revenge reveal anger and contempt of yourself, rooted in jealously, fear, and a sense of failure with who you are, questioning your ability to aptly compete with others.”

    Hey, that’s exactly what my councillor said. Is that you Martha?

  45. Hey juanPee..fuck you on Thu, 10th Oct 2019 8:15 pm 

    JuanP ID theft

    Davy said “Your resentment, anger and desire for revenge rev…

  46. Davy on Thu, 10th Oct 2019 8:18 pm 

    Go fuck yer goat Hey juanPee..fuck you.

    dumbass

  47. Juanpee is emotional tonigjt on Thu, 10th Oct 2019 8:22 pm 

    Juanpee is upset he is using the F word. Pussy

  48. Davy on Thu, 10th Oct 2019 8:25 pm 

    Oops, I spelt tonight rong. I have problems spelling stuff write when I get triggered, witch is a lot.

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