BREAKING

Myanmar paying for Russian petroleum in yuan; deals in the making: EEF

By Al Mayadeen English
Source: Agencies
11 Sep 2023 08:24

The 8th EEF is currently taking place on the campus of the Far Eastern Federal University in Vladivostok from September 10-13.

Russian President Vladimir Putin meets with Myanmar junta leader Min Aung Hlaing on the sidelines of the 2022 Eastern Economic Forum in Vladivostok on Sep 7, 2022 (Sputnik/AFP)

Myanmar Minister of Investment and Foreign Economic Relations Kan Zaw revealed to Sputnik on Monday that Myanmar is paying for Russian petroleum products in yuan, after adding that both Myanmar and Russia are cooking up an agreement on the mutual conversion of national currencies.

On the sidelines of the Eastern Economic Forum (EEF) in Vladivostok, Russia, Zaw said: "We are using yuan and not [paying] with rubles at this moment. But we are trying to make the kyat-ruble agreement [on the mutual conversion] … [the agreement] is going [to be signed] very soon".

Zaw further hoped that his country would soon sign an agreement with Russia regarding tourism.

The 8th EEF is taking place on the Far Eastern Federal University campus in Vladivostok from September 10-13.

During the previous EEF in September 2022, the Prime Minister of Myanmar Min Aung Hlaing disclosed to Sputnik the beginning of Russian petroleum products purchases.

Myanmar was not the only nation eyeing petroleum deals with Russia at the EEF.

The Philippines expressed interest in procuring oil products from Russia and intends to address this matter during the upcoming Trade and Economic Commission meeting in October as stated by the Philippine Ambassador to Russia, Igor Bailen, during an interview with RIA Novosti at the EEF.

"As far as I know, there have been no deliveries of oil products yet. But there is definitely such an interest. There are certain issues we are now addressing. I hope that next month there will be a meeting of representatives of the Russian Federation and the Philippines during the Joint Trade and Economic Cooperation Commission and oil will be discussed there. But there are no details yet," the ambassador said as quoted by Sputnik.

It is worth noting that the EEF was founded in 2015 as a global platform to promote business collaboration in the Asia-Pacific region and encourage investments in Russia's easternmost areas.