Value of Russia-China energy trade up 64%, deputy PM says By Reuters

Commodities Week Ahead: Oil, Gold to Stay Volatile as Eyes Next on Fed’s Powell

Value of Russia-China energy trade up 64%, deputy PM says

Commodities Nov 18, 2022 07:42AM ET

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Value of Russia-China energy trade up 64%, deputy PM says

© Reuters. FILE PHOTO: A vessel carrying liquefied natural gas (LNG) cargo from Russia's Yamal LNG project, is seen at Rudong LNG Terminal in Nantong, Jiangsu province, China July 18, 2018. REUTERS/Stringer/File Photo

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(Reuters) - Russia's energy exports to China have increased in value by 64% this year, and by 10% in volume as Moscow redirects shipments towards "friendly" nations, Deputy Prime Minister Alexander Novak said on Friday.

Energy exports to Europe have shrunk since the imposition of Western sanctions on Russia after it sent troops into Ukraine in February in what Moscow terms a "special military operation".

Russia has rerouted its energy flows and also its foreign exchange settlements towards Asia.

The share of currencies from what Moscow describes as friendly nations, chiefly yuan from China, rose to 31% of Russian foreign exchange market trade and the share of the U.S. dollar/rouble pair trade fell to a historic low in October, according to the central bank.

Novak said on Friday that all payments for Russian gas supplied to China via the Power of Siberia gas pipeline are in yuan and roubles.

This week, Gazprom (MCX:GAZP) said gas supplies to China had increased, while falling towards European markets without giving specific figures.

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Comments (1)

Sayed Hanif Nov 18, 2022 8:56AM ET

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It means China is not showing demand openly but hidden demand high. So, why oil is falling so sharp ?

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