Russia’s Gazprom plans to sell gas for roubles

MOSCOW, April 7 (Itar-Tass) - Russian gas giant Gazprom is considering more active use of the rouble in settlements with foreign contractors, business daily Vedomosti reported on Monday, quoting Gazprom spokesman Sergey Kupriyanov. Gazprom Neft is also discussing a shift from U.S. dollars to euro payment in settlements with buyers, Itar-Tass had reported earlier in the day, Gazprom Neft chief executive Alexander Dyukov relating the possibility in the event of force majeure circumstances. “We have agreed with our buyers on possible conversion of the contracts into euro. Practically all, to say precisely, 95 percent, of purchasers confirmed that they were prepared to shift to settlements in euro,” Dyukov was quoted as saying. “In a vague situation over sanctions we have considered different scenarios, including a certain alternative plan. In essence, there is nothing impossible in converting deals from U.S. dollars to euro and euro to roubles. Certainly, it is needed to explore the effectiveness of this approach and this issue remains open personally for me,” the citation added. Board chairman at VTB bank Andrey Kostin has put forward an initiative to pass urgently to settlements in roubles in exports, Vedemosti's story said. “Supplies of Gazprom, [Russian oil major] Rosneft and [Russian arms exporter] Rosoboronexport make about $230 billion annually, or 44 percent of aggregate commodity export," said the report, adding that "The West appeals to isolate Russia using U.S. dollar settlements as nuclear weapons in finances.” Kostin added that Gazprom chief executive Aleksey Miller, Rosneft President Igor Sechin and Director General of Russian technologies state corporation Rostec Sergey Chemezov had told him they were prepared to pass to settlements in roubles, the paper said. Learn more on itar-tass.com