Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member Latest Breaking News General Discussion The DU Lounge All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

Latest Breaking News

WhiteTara

(29,718 posts) Thu Oct 24, 2019, 10:55 PM Oct 2019

Russia's Rosneft switches all export contracts to euros

Last edited Fri Oct 25, 2019, 12:28 PM - Edit history (1)

Source: Financial T imes

Rosneft, Russia’s top crude oil producer, has switched to euros from dollars for all of its export contracts, in the latest of a series of efforts from the country to protect itself from US sanctions.

Speaking at an event in Verona on Thursday, chief executive Igor Sechin said: “The potential for the use of the European currency is very high.”

“So far this is a forced measure?.?.?.?aimed at protecting ourselves, the company, from the effect of US sanctions,” he said, adding that further use of the euro would depend on EU regulations.

The share of the dollar in global trade exceeds 60 per cent, or as much as 90 per cent in oil and oil products, Mr Sechin noted. “Financial monopoly can be and needs to be opposed,” he added.

The US dollar has traditionally served as the default currency in Rosneft’s contracts, but since September, the company has been denominating new export deals in euros.

Read more: https://www.ft.com/content/f886658c-f65c-11e9-a79c-bc9acae3b654

Looks trump is circling the drain and Putin is moving on.

17 replies

= new reply since forum marked as read

Highlight:

Russia's Rosneft switches all export contracts to euros (Original Post) WhiteTara Oct 2019 OP

Oh noes!!!1 This will hurt the US XRubicon Oct 2019 #1

That's part of the idea, I'm sure. WhiteTara Oct 2019 #2

As per Sechin's statement Grokenstein Oct 2019 #5

They see the writing on the wall -- Trump is going down, and long-delayed consequences are going up. RockRaven Oct 2019 #3

This message was self-deleted by its author Grokenstein Oct 2019 #4

It's never good when a country switches from Petrodollars. JohnnyRingo Oct 2019 #6

This. BlueMTexpat Oct 2019 #8

"The threat of switching to Euros was likely one of the prime reasons we took out Saddam Hussein." crickets Oct 2019 #11

I have long wondered if russia is planning a cyberattack on US financial institutions lostnfound Oct 2019 #16

{ moot } Bernardo de La Paz Oct 2019 #7

Thanks and done. WhiteTara Oct 2019 #12

Underlying Propaganda Roy Rolling Oct 2019 #9

I'll tell my great grand kids, "I remember when we led the world." rickyhall Oct 2019 #10

You're so optimistic WhiteTara Oct 2019 #13

Dude, I have two, boy and girl. rickyhall Oct 2019 #14

Dude! You're so lucky they're here! WhiteTara Oct 2019 #15

It won't matter when the fiat currency system unravels. roamer65 Oct 2019 #17

XRubicon

(2,212 posts)

1. Oh noes!!!1 This will hurt the US

Reply to WhiteTara (Original post)

Thu Oct 24, 2019, 11:20 PM

Oct 2019

https://www.forbes.com/sites/greatspeculations/2018/04/17/which-has-the-bigger-economy-texas-or-russia/#794c535370b9

Fuck Putin and his tiny economy.

WhiteTara

(29,718 posts)

2. That's part of the idea, I'm sure.

Reply to XRubicon (Reply #1)

Thu Oct 24, 2019, 11:32 PM

Oct 2019

Grokenstein

(5,725 posts)

5. As per Sechin's statement

Reply to XRubicon (Reply #1)

Fri Oct 25, 2019, 01:52 AM

Oct 2019

It's meant to blunt the impact of US sanctions.

Of course, Puppet Sharpie has demonstrated that he understands sanctions about as well as he grasps the difference between wind turbines and windmills. Doesn't matter: Sharpie lives on a planet where coal is clean and nutritious and he is king and everyone loves him and the sun literally shines out his ass. He'll still be on that planet when they take his phone away and wrap him in the canvas jacket with the XXXXL sleeves.

(apologies: originally posted in error as reply to OP)

RockRaven

(14,974 posts)

3. They see the writing on the wall -- Trump is going down, and long-delayed consequences are going up.

Reply to WhiteTara (Original post)

Thu Oct 24, 2019, 11:52 PM

Oct 2019

Maybe not tomorrow, but it IS going to happen. Gotta hedge against the US POTUS actually having a spine in the future.

Response to WhiteTara (Original post)

Grokenstein This message was self-deleted by its author.

JohnnyRingo

(18,636 posts)

6. It's never good when a country switches from Petrodollars.

Reply to WhiteTara (Original post)

Fri Oct 25, 2019, 02:14 AM

Oct 2019

The threat of switching to Euros was likely one of the prime reasons we took out Saddam Hussein.

Oil is now the basis of our currency and therefore our economy. It's like bullion in the days of the Gold Standard. Protecting the free flow of oil and Petrodollars is the reason we're the only country on Earth with nuclear aircraft carriers.

It looks like Putin is doing as he pleases in spite of our global might. go figger.

BlueMTexpat

(15,369 posts)

8. This.

Reply to JohnnyRingo (Reply #6)

Fri Oct 25, 2019, 06:16 AM

Oct 2019

crickets

(25,981 posts)

11. "The threat of switching to Euros was likely one of the prime reasons we took out Saddam Hussein."

Reply to JohnnyRingo (Reply #6)

Fri Oct 25, 2019, 11:57 AM

Oct 2019

It's exactly the reason. Blaming him for Sept 11 when he had nothing to do with it was all for show, to get the US public to go along with it.

lostnfound

(16,184 posts)

16. I have long wondered if russia is planning a cyberattack on US financial institutions

Reply to JohnnyRingo (Reply #6)

Sun Oct 27, 2019, 02:09 PM

Oct 2019

If they could create chaos in banks or brokerage firms, such that people lost confidence in them, would that deflate U.S. currency?

Bernardo de La Paz

(49,007 posts)

7. { moot }

Reply to WhiteTara (Original post)

Fri Oct 25, 2019, 04:39 AM

Oct 2019

WhiteTara

(29,718 posts)

12. Thanks and done.

Reply to Bernardo de La Paz (Reply #7)

Fri Oct 25, 2019, 12:28 PM

Oct 2019

Roy Rolling

(6,918 posts)

9. Underlying Propaganda

Reply to WhiteTara (Original post)

Fri Oct 25, 2019, 06:31 AM

Oct 2019

The poison pill with any worldwide news release from Russia is that there exists an oil company in Russia, and that it is owned by the country and people of Russia.

Reject it. This is Putin and his Henchmen Oil Company.

That is all. Carry on, soldiers against propaganda.

rickyhall

(4,889 posts)

10. I'll tell my great grand kids, "I remember when we led the world."

Reply to WhiteTara (Original post)

Fri Oct 25, 2019, 06:58 AM

Oct 2019

WhiteTara

(29,718 posts)

13. You're so optimistic

Reply to rickyhall (Reply #10)

Fri Oct 25, 2019, 12:29 PM

Oct 2019

Do you think we'll be alive long enough for you to see your great grand kids?

rickyhall

(4,889 posts)

14. Dude, I have two, boy and girl.

Reply to WhiteTara (Reply #13)

Fri Oct 25, 2019, 01:30 PM

Oct 2019

WhiteTara

(29,718 posts)

15. Dude! You're so lucky they're here!

Reply to rickyhall (Reply #14)

Fri Oct 25, 2019, 01:34 PM

Oct 2019

BTW, you must be older than me or you started much younger to have great grands!

roamer65

(36,745 posts)

17. It won't matter when the fiat currency system unravels.

Reply to WhiteTara (Original post)

Sun Oct 27, 2019, 03:40 PM

Oct 2019

We will all have zero.

Once we go to negative interest rates, along with Federal Reserve financing of the budget deficits it is game over for the dollar.

Reply to this discussion