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Al Mayadeen's correspondent: Two were martyred in an initial toll of the Israeli drone strike that targeted the al-Asira neighborhood in the city of Baalbek, eastern Lebanon
Al Mayadeen's correspondent: An Israeli drone strike targeted the al-Asira neighborhood east of Baalbek, eastern Lebanon
Sheikh Naim Qassem to the pager attack survivors: You are the greatest resistance. Know that 'Israel' will fall because it embodies aggression, crime, and occupation; victory is truly yours
Sheikh Qassem to the pager attack survivors: The value of what you are doing despite your wounds is immense, and here you are, treading the path of the Master of Nation's Martyrs and the leaders
Sheikh Qassem to the pager attack survivors: You are moving forward with insight deeper than sight itself. The enemy sought to eliminate your role in the battle, yet you remain steadfast and continue the fight
Hezbollah Secretary-General Sheikh Naim Qassem to the pager attack survivors one year later: You are healing from your wounds and rising above them. You have successfully passed the test
Palestinian media: Reports of stabbing operation in occupied al-Quds.
Israeli media: Sirens blare in Arava in South, near Ramon Airport.
Egyptian PM Mostafa Madbouli: Egypt is targeted in plans to redraw regional map
AEOI Chief Mohammad Eslami: Our presence in IAEA General Council and fact-checking helped in preventing unilateral rhetoric that aims to portray Iran as an unregulated country

China to pay for Russian gas in yuan, rubles: Gazprom

  • By Al Mayadeen English
  • Source: Agencies
  • 6 Sep 2022 15:08
  • 2 Shares
2 Min Read

Gazprom announces its intention to change its contracts to supply gas to China from euros to rubles and yuan.

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  • Gazprom: China to pay for Russian gas  in yuan, rubles.
    Gazprom: China to pay for Russian gas in yuan and rubles.

Russia's energy behemoth Gazprom announced Tuesday that China will begin paying for Russian gas in rubles and yuan rather than US dollars, as Moscow seeks stronger ties with Beijing in the aftermath of Western sanctions over Ukraine.

"A transition was made to making payments for Russian gas supplies to China in the national currencies of the countries -- the ruble and yuan," Gazprom said in a statement.     

Read next: Beijing slams US bill to punish China for buying Russian oil

The shift is part of Russia's push to lessen its reliance on the US dollar, euro, and other hard currencies in its financial system and for trade, which has escalated since it was sanctioned by the West in reaction to the Russian military operation in Ukraine. 

Russia has been strengthening economic connections with China and other non-Western countries, mostly to find new markets for its essential hydrocarbon exports.

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Allowing payments in Russian rubles and Chinese yuan, according to Gazprom CEO Alexei Miller, is "mutually beneficial" for both Gazprom and Beijing's state-owned China National Petroleum Corporation.

“It will simplify the calculations, become an excellent example for other companies and give an additional impetus for the development of our economies,” he said.

Gazprom did not elaborate on the proposal or indicate when payments will be converted from dollars to rubles and yuan.

Read next: Russian trade with China will reach $200 billion by 2024

Gas supplies via Nord Stream have been totally halted since August 31, and pipeline operations have been halted owing to scheduled repair work at the Portovaya compressor station, according to data from gas transportation system operators.

A leak was located at the main gas turbine at the Portovaya compressor station near St Petersburg.

On August 19, Gazprom said it would halt the flow of gas through the pipeline from August 31 until September 2 due to routine maintenance.

  • Russia
  • Yuan
  • China
  • Gazprom

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