Oil & Gas

Sanctioned Russia Pays Sakhalin Oil Dividends in Yuan – Nikkei

 

Russia has used China’s yuan to pay dividends from the Sakhalin oil projects because it was cut off from international financial systems due to Western sanctions imposed in response to its invasion of Ukraine, Nikkei Asia reported.

Russia made the yuan payments to Japanese trading firms that have stakes in the Sakhalin 1 and 2 oil and gas fields, Nikkei said. Prior to the sanctions imposed by the US and Europe, Russia was making the dividend payments in dollars, the report added.

Read the full report: Nikkei Asia

 

Also read:

Global Economy Showing Signs of De-Dollarisation, Says JPMorgan

BRICS Looking to Counter Sanctions With Alternative Currencies

India-Russia Oil Deals Erode Dollar’s Currency Dominance

China Settles First LNG Trade in Yuan in Latest Hit to Dollar

Yuan Overtakes Dollar For 1st Time in China Cross-Border Trade

China’s Yuan is Now the Most Traded Currency in Russia

 

 

Vishakha Saxena

Vishakha Saxena is the Multimedia and Social Media Editor at Asia Financial. She has worked as a digital journalist since 2013, and is an experienced writer and multimedia producer. As a trader and investor, she is keenly interested in new economy, emerging markets and the intersections of finance and society. You can write to her at vishakha.saxena@asiafinancial.com

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