Russia completely stopped trade of oil in Dollars and Euros - Dy. Russian PM Alexander Novak claims

Moscow – Alexander Novak, Deputy Prime Minister of Russia, has claimed that Russia has completely moved away from the dollar and Euro as a currency to trade oil and are focused on regional currencies. He said Russia had traded oil with China in exchange for Yuan and Rubel. The International Energy Agency (IEA) recently declared that Russia’s oil export had reached the highest level in three years.

Moreover, the Russia-Ukraine conflict triggered a series of sanctions imposed on Russia, including freezing foreign reserves and cap on oil prices. Many countries were pressured to stop or reduce the oil trade with Russia. However, nothing seemed to have worked, as the recent data about Russia’s oil exports indicated.

Just last month, Russian Energy Minister Nikolay Shulginov testified that Russia overcame the sanctions by exporting to allies affected by sanctions without any decline in oil exports.

Last week, IEA reported Russia’s oil export reached its peak of the last three years in March by exporting 8 million barrels per day and earning a revenue of $12.7 billion, which is an increase of $1 billion as compared to February.

Now the Deputy Prime Minister of Russia has claimed to have stopped using the dollar and Euro in the fuel trade. China and India are believed to be responsible for this. Surprisingly, it was seen that Japan, a G7 country, continued to import Russian oil above the capped price.

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