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Beijing plans Gazprom payments in yuan and ruble

Instead of settling its payments to the Russian gas company Gazprom in US dollars, China plans to use the Chinese yuan and ruble in the future. Gazprom made the announcement on Tuesday after signing an agreement to that effect. Gazprom CEO Alexei Miller said, according to Reuters, that allowing payments in Russian rubles and Chinese yuan would be “mutually beneficial” for both Gazprom and Beijing’s state-run China National Petroleum Corporation. Gazprom did not comment on the details, for instance when the currencies would be switched.

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