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APEC summit in Beijing

Russia’s energy ministry hails using rouble in oil contracts - minister

“We have always thought about it in positive terms,” Alexander Novak said

© Dmitriy Astahov/TASS

BEIJING, November 9. /TASS/. Russia’s energy minister is positive about executing oil contracts in roubles, Minister Alexander Novak told TASS on the sidelines of the Asia Pacific Economic Co-operation (APEC) summit in Beijing on Sunday.

“We have always thought about it in positive terms,” he said. “But this is not a very simple issue. It should be tackled from the point of view of financial balances and Russia’s balance of payments, and the availability of currency. Progress should be gradual.”

The Russian government and exports are looking at possible use of roubles in export deals. Thus, Russia’s oil major Rosneft may switch entire to roubles in its gas contracts. The issue came to the fore after Rosneft CEO Igor Sechin had suggested it be considered by the presidential energy commission.

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