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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. Forum rape on Thu, 10th Oct 2019 8:25 pm 

    Poor makato, Cloggo, and the other evening extremist. Juanpee the lunatic has ruined the night shift of lies.’ Poetic justice for the egotists.

  2. Juanpee the thief on Thu, 10th Oct 2019 8:28 pm 

    Who cares juanpee. Lol. Pee brain when you were younger did you spoil parties. I bet you did. You are just a freak show that everyone wishes would go away

  3. Davy on Thu, 10th Oct 2019 8:41 pm 

    For anyone that cares, i’m gonna go cry my widdle self to sleep again.

    nitey nite

    stupid dumbasses

  4. Juanpee sucks on Thu, 10th Oct 2019 8:58 pm 

    Widdle Juan and his boring sock steals the night shift. You selfish cunt. Lamfao. Poor makato and Cloggo. JuanPee has run off the extremist with his boring party crashing shit

  5. Davy on Thu, 10th Oct 2019 9:02 pm 

    Oops, sorry for getting all triggered again, losing my widdle temper, and for using the ‘C’ word. My mommy always told me that was REAL Bad like.

    I can’t help myself and i’se A REAL Slow lurner.

  6. supremacist muzzies jerk on Thu, 10th Oct 2019 9:11 pm 

    Ok I found historical documents on a muzzie anti rape machine that supertard roosevelt invented. This machine is only used with the muzzie amputation machine and muzzies hamster machine.
    The muzzies anti rape machine is like a pod with a hole to piss through. The muzzie rape organ has to stick out far enough to trip a lever and drain urine outside otherwise it drains back in the pod. The muzzie will remain in the pod for 3 months
    Randomly sharp blades dropped down to do work. The 1000uk girls raped by muzzies wiuk love this machines. This is to be done to all muzxies

  7. supremacist muzzies jerk on Thu, 10th Oct 2019 9:28 pm 

    The muzzie anti rape machine is sealed on the bottom. Accumulated urine will create a permanent wet feet situation
    It can accumulate all the way to the opening for the piss hole on the pod

  8. supremacist muzzies jerk on Thu, 10th Oct 2019 9:50 pm 

    Another lever unlocks the muzzies anti rape machine automatically. The lever is half of a pipe with open bottom to drained urine. The weight of urine will not unlock the pod. Only the weight of the chopped muzzies rape organ will not fall through the open bottom and provide enough weight to unlock the machine. If the pod unlocked by other means the muzzie is dropped in another muzzie anti rape pod. If not the best of humanity Allah created will go in the muzzie amputation pod

  9. supremacist muzzies jerk on Thu, 10th Oct 2019 9:56 pm 

    France UK and Philippines can’t build muzzie anti rape machine muzzies amputation machine and muzzies hamster machines. Their engineers do not believe in causality which the machines are based on. The muzzies stick hands out to cause platform to level is example of causality

  10. Davy approves this message on Thu, 10th Oct 2019 10:11 pm 

    What DAVY requires more so than anything else is:

    I. A brief cornholing;

    AND/OR

    II. A brisk cornhusking.

    Either will achieve the same end.

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

    So Goldfinger really did succeed in emptying Fort Knox. The James Bond movie is just a pathetic cover…LOL.

  12. makati1 on Fri, 11th Oct 2019 3:18 am 

    diss, maybe it was “Goldfinger” Nixon? the bars seen in pics could be gold plated lead or even movie props. Who knows? But, when the SHTF and the world turns to a new gold standard, we will likely find out that the Emperor has no gold. Wouldn’t that be interesting? The debtor nation with nothing anyone wants. LOL

  13. JuanP garbage on Fri, 11th Oct 2019 6:22 am 

    SuperTard Reports said 90% of all plastic pollution originates in China,…
    Davy approves this message said What DAVY requires more so than anything else is:…
    supremacist muzzies jerk said France UK and Philippines can’t build muzzie…
    supremacist muzzies jerk said Another lever unlocks the muzzies anti rape machin…
    Davy said Oops, I meant to say dumbass, not dumbas. stupid d…
    Davy said I told you not to cum in my mouth JuanP. You shoul…
    supremacist muzzies jerk said The muzzie anti rape machine is sealed on the bott…
    supremacist muzzies jerk said Supertard sis did you enjoy the piece about China…
    supremacist muzzies jerk said Ok I found historical documents on a muzzie anti r…
    Another Davy Sock said Stupid on Thu, 10th Oct 2019 8:59 pm

  14. Davy on Fri, 11th Oct 2019 6:23 am 

    “CIA “Whistleblower” Said To Have Worked With Biden When He Was VP”
    https://tinyurl.com/y34gk6kx zero hedge

    “So, to clarify, a registered Democrat on the CIA payroll, who previously worked with VP Joe Biden, went to Adam Schiff’s committee, who referred him to a Democratic operative attorney, who helped him file a whistleblower complaint about Trump attempting to uncover Biden’s corruption, on a form which was altered to allow second-hand information.”

    “Who’s Afraid Of Whom?”
    https://tinyurl.com/y5zqofqj automatic earth

    “Look, it’s not okay that whistleblower rules are changed in half-secrecy overnight from requiring first-hand to second (or third) hand information. It’s not okay that the Democrats try to start an impeachment inquiry while disregarding the rules that have long existed for such an inquiry. It’s not okay that they do so on the basis of a phone call that the Ukraine president himself says contained none of the ingredients the Dems claim it did. It’s not okay to try and keep the Republican House minority out of the proceedings, and it might even disqualify those proceedings entirely. If Trump is as bad a person and politician as the Democrats claim, it must be possible to figure that out while at the same time respecting the rules, regulations and the entire political system. Once you deviate from all that, you put the system itself at risk. Is that worth it? There’s an election in just over a year. The media continues to refer to Trump’s allegations about Biden as unproven, knowing full well they’ve never been investigated. At the exact same time, they also keep bringing up Trump’s alleged ‘nefarious’ dealings with Russia, even though 2+ years of Robert Mueller and an entire platoon of lawyers came up empty on those. A level playing field? I think I have an idea who’s afraid of whom. And there’s also this creeping/creepy feeling that the impeachment inquiry that isn’t one, is part of the 2020 election cycle. And that isn’t, and should not be, what such inquiries are for. Not even if you’re afraid of losing the election – that’s cheating.”

  15. Davy on Fri, 11th Oct 2019 6:24 am 

    “Why deep-learning AIs are so easy to fool”
    https://tinyurl.com/y4xspezc nature

    “A self-driving car approaches a stop sign, but instead of slowing down, it accelerates into the busy intersection. An accident report later reveals that four small rectangles had been stuck to the face of the sign. These fooled the car’s onboard artificial intelligence (AI) into misreading the word ‘stop’ as ‘speed limit 45’. Such an event hasn’t actually happened, but the potential for sabotaging AI is very real. Researchers have already demonstrated how to fool an AI system into misreading a stop sign, by carefully positioning stickers on it1. They have deceived facial-recognition systems by sticking a printed pattern on glasses or hats. And they have tricked speech-recognition systems into hearing phantom phrases by inserting patterns of white noise in the audio…These problems are more concerning than idiosyncratic quirks in a not-quite-perfect technology, says Dan Hendrycks, a PhD student in computer science at the University of California, Berkeley. Like many scientists, he has come to see them as the most striking illustration that DNNs are fundamentally brittle: brilliant at what they do until, taken into unfamiliar territory, they break in unpredictable ways.”

  16. Davy@liar/hypocrite/fraud.com on Fri, 11th Oct 2019 6:28 am 

    Three examples among many to demonstrate just how much of a fraud//liar//hypocrite is DavySkum. Whenever you read a Davy prediction, bet on the opposite viewpoint and you will always win. Davy is a PERFECT negative barometer of expected outcomes.

    “Trump is going to disrupt the establishment that is taking the status quo in dangerous directions.”

    What, by installing neocons into central positions of power and authority? No danger there.

    “He is going to hinder and slow up the status quo wealth transfer.”

    Really? Via his $2.5 Trillion tax giveaway to those earning in excess of $785,000?

    “He is going to do this through nationalism with managed trade and controlled borders.”

    Through nationalism? What, by tearing the country apart? Brilliant.

  17. Cloggie on Fri, 11th Oct 2019 11:30 am 

    Breaking:

    https://www.theguardian.com/politics/live/2019/oct/11/brexit-barnier-and-barclay-hold-talks-after-positive-johnson-varadkar-meeting-on-potential-deal-live-news

    “Brexit: Johnson refuses to rule out NI staying in customs union – live news”

    Great Brexit compromise in the works.
    BoJo basically seems to cave in on the backstop.

  18. supremacist muzzies jerk on Fri, 11th Oct 2019 12:12 pm 

    Cloggie on Fri, 11th Oct 2019 11:30 am
    supertard, i don’t know the big deal about ni stying in the union anyway? it will get overrun by muzzies and plus a brexit deal allows air strip one to ship all muzzies in uk terrotories to ni. they can deal with it.
    they can’t deal with irish breeding so they need to put the muzzie breeding and irish breeding together and start a war.
    they lost the war on breedig and their hope is a hot war. with ireland no longer catholic, it’s easy to start and win wars. i was difficult against lightly armed muzzie isis because they were indoctrinated.
    why do you want to keep air strip one in the union? they’re independent minded and will stir up troubles endlessly.

  19. supremacist muzzies jerk on Fri, 11th Oct 2019 12:22 pm 

    Davy on Fri, 11th Oct 2019 6:24 am
    thanks for the article on ai balanced supertard. there are software that operates on procedures and those that operate on data. the procedure can be inadequate and faulty, and the data can be injected with corrupted data, and like procedureal, the data can be inadequate and faulty. ai is about operating on data so it suffers the same general defects

  20. Cloggie on Fri, 11th Oct 2019 1:11 pm 

    i don’t know the big deal about ni stying in the union anyway? it will get overrun by muzzies and plus a brexit deal allows air strip one to ship all muzzies in uk terrotories to ni. they can deal with it.
    they can’t deal with irish breeding so they need to put the muzzie breeding and irish breeding together and start a war.
    they lost the war on breedig and their hope is a hot war. with ireland no longer catholic, it’s easy to start and win wars. i was difficult against lightly armed muzzie isis because they were indoctrinated.
    why do you want to keep air strip one in the union? they’re independent minded and will stir up troubles endlessly.

    Yep, yesterday while watching the soccer game Netherlands-Northern Ireland (with one eye), I again had great difficulty deciding if I shouldn’t support 100% white NI rather than the “50-50” “Dutch” team. NI would be much better off being reunited with Ireland than remain in “Global Britain”, the intended business haven Singapore 2.0, a Commoners nightmare:

    https://www.independent.co.uk/news/uk/home-news/far-right-activists-hand-out-bibles-outside-mosques-in-bradford-9352271.html

  21. Cloggie on Fri, 11th Oct 2019 1:49 pm 

    “FARAGE ‘APPLIED FOR GERMAN PASSPORT’ ON DAY AFTER 2016 REFERENDUM – AND DID NOT DENY HAVING ONE”

    https://skwawkbox.org/2019/04/23/farage-applied-for-german-passport-on-day-after-2016-referendum-and-did-not-deny-having-one/

    Couldn’t find MSM confirmation. At the time he was married with a German woman. Farage has admitted two of his children have a German passport.

    https://www.politico.eu/article/brexiteer-nigel-farage-says-his-children-have-german-passports/

    In 2016, Farage was spotted at the German Embassy in London. A Facebook user reportedly saw Farage in line at the embassy and wondered if the MEP was hoping to secure dual citizenship for himself or his family.

    When asked about the claims by Buzzfeed, Farage said “none of your business” and hung up the phone.

    Ouch.

  22. Anonymouse on Fri, 11th Oct 2019 2:58 pm 

    And who are talking to again kloggkike? Yourself? You must be, because no one here seems to give two shekels about your jude dog and pony show.

    Getting it yet?

  23. supremacist muzzies jerk on Fri, 11th Oct 2019 4:34 pm 

    Anonymouse on Fri, 11th Oct 2019 2:58 pm
    anontard, be respectful of supertard cloggie

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