Novak: Signing a new gas agreement with China and switching to national currencies in commercial settlements

Russian Deputy Prime Minister Alexander Novak said that Moscow and Beijing would soon sign an intergovernmental agreement on the supply of natural gas from Russia to China via the Far East route.

A Russian official said in a television interview today, Friday, after a meeting of the Russian-Chinese government commission: “An agreement was signed between Gazprom and the China National Oil and Gas Company on the supply of another 10 billion cubic meters of gas through the Far Eastern route, and in the near future we must sign intergovernmental agreement on this project.

The Deputy Prime Minister of the Russian Federation noted that the volume of trade between Russia and China in the energy sector increased by 64% in monetary terms and by 10% in physical terms.

As for trade between Russia and China, Novak said that Moscow and Beijing are switching to settlements in national currencies for energy supplies, while rubles and yuan are already being used to pay for gas.

Novak also added that payments for the supply of oil and oil products are quickly converted into the national currencies of Russia and China.

Source: TASS

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