Oct 4, 2019, 1:19 PM

Russia's Rosneft ditches dollar for all new export deals: report

TEHRAN, Oct. 04 (MNA) – Russia’s top oil exporter Rosneft has set the euro as the default currency for all its new export contracts in a move to reduce vulnerability to potential US sanctions, according to a report.

The contracts include crude oil, oil products, petrochemicals and liquefied petroleum gas, tender documents showed, according to Reuters.

The switch from US dollars, which happened in September according to the tender documents published on Rosneft’s website, is set to reduce the state-controlled firm’s vulnerability to potential fresh US sanctions.

Washington has threatened to impose sanctions on Rosneft over its operations in Venezuela, a move which Rosneft says would be illegal.

Rosneft is Russia’s top oil exporter, shipping abroad about 120 million tonnes of oil a year, or 2.4 million barrels per day.

MNA/PR

News ID 150797