Ruble Move by Natural Gas Giant Gazprom

Russian natural gas company Gazprom plans to switch 25 percent of the gas payments to be collected from Turkey to rubles. Gazprom added that an agreement has been reached with the Chinese company CNPC on switching to yuan and rubles in natural gas shipment payments.

Russia plans to make 25 percent of gas payments with Turkey in rubles. On August 5, President Recep Tayyip Erdoğan, who met with Russian President Putin in Sochi, said in a statement on his return from Sochi that he and Putin had agreed to make payments in rubles. Tayyip Erdoğan had said, "Since we will make these purchases in rubles, it will hopefully bring Russia and Turkey together as a separate source of strength at the financial point." Gazprom, Russia's largest company and the world's largest natural gas extractor, said an agreement was reached with the Chinese company CNPC to switch to yuan and ruble in natural gas shipment collections. In a written statement made by Gazprom, it was stated that a meeting was held between CNPC President Dai Houliang and Gazprom President Alexey Miller via videoconference. It was underlined that gas deliveries from Russia's Far East region to China were discussed during the meeting. It was also added that Gazprom has also started working on a new pipeline. https://twitter.com/BloombergHT/status/1567147906955632650 "During the meeting, additional agreements to the long-term contract on gas deliveries through the Power of Siberia pipeline were signed. The parties agreed to switch to payment for gas supplies to China in yuan and rubles," the statement said. "The new payment mechanism is a mutually beneficial, timely, reliable and practical solution. I believe that it will facilitate agreements, set an excellent example for other companies and give an additional impetus to the development of our economies." Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account!