Russia’s Rosneft & China’s CNPC Switch to Payments in Local Currency

the two companies have signed agreements for the supply of 40 million tons of oil per year. Jun. 16, 2023.

Published 16 June 2023

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The companies will no longer conduct commercial exchanges under the dollar figure.

On Friday, Russian oil giant Rosneft and China National Petroleum Corporation (CNPC) switched to payments in their national currencies.

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The Russian company made the announcement via a press release, in which it noted that "cooperation between Rosneft and CNPC significantly contributes to the realization of the goal set by the leaders of the two countries to reach a turnover of $200 billion."

It said that "the volume of mutual trade between Russia and China is expected to exceed this level by the end of 2023."

With the implementation of payment in national currencies (yuan and rubles), the companies will cease to conduct trade under the dollar figure.

Rosneft and the Chinese company CNPC switched to paying for raw materials in national currencies - Rosneft

Earlier, Deputy Prime Minister Alexander Novak said that the Russian Federation in the calculations for energy resources is switching almost exclusively to national…
— Sprinter (@Sprinter99880) June 16, 2023

The statement notes that the CEOs of Rosneft and CNPC, Igor Sechin and Dai Houliang, respectively, held a meeting within the framework of the 26th St. Petersburg International Economic Forum.

The two discussed the prospects for joint oil extraction projects, as well as cooperation in the technological sphere.

According to Rosneft's statement, the two companies have signed agreements for the supply of 40 million tons of oil per year.

It added that the Russian-Chinese Energy Business Forum, aimed at increasing bilateral trade, will hold its fifth edition in China in face-to-face format in the last quarter of this year.