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Russia Expresses Its Willingness To Use The Euro To Settle Oil Trade
Oct 08, 2018

Russian First Deputy Prime Minister and Minister of Finance Silounov said on the 5th that Russia is willing to cooperate with European countries and try to settle the oil trade with the euro.

In response to a question from the “Russian 24” news channel on whether to use the euro to settle the oil trade, Siluanov said: “This requires mutual agreement and the Russian side will cooperate with the partners in this regard.” He said that the Russian side wishes Cooperation with Europe is a response to US sanctions.

Europe and Russia share common interests in the use of non-US dollar currencies to settle oil trade. European Commission President Juncker told the European Parliament in September that the EU will introduce plans to upgrade the international status of the euro this year. Currently, only 2% of the EU's energy imports are from the US each year, but 80% of energy import bills are paid in US dollars.

German Foreign Minister Hayko Maas wrote in August this year to call for a new payment system for settlement in the European banking and financial system. Siluanov said the system will support oil trade settlement and Russia is ready to join the proposal.

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