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"Gazprom Neft" may convert settlements from US dollars to euros

April 07, 2014, 7:16 UTC+3 ST PETERSBURG
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ST PETERSBURG, April 07 ITAR-TASS/. In the event of force majeure, "Gazprom Neft" may convert settlements with buyers from US dollars to euros, Company chief Alexander Dyukov has told journalists.

"What we have done for ourseves in this situation (Faced with a possible application of new sanctions against Russian busineess in view of reunification of Crimea with RussiaNote by Itar-Tass correspondent)? We discussed with our buyers the possibility of converting contracts to euros. Almost 95 percent of buyers reaffirmed their readiness to switch over to settlements in euros," he said.

"In the light of uncertainty regarding sanctions, we have worked out various scenarios, including a certain Plan B," the Company chief added.

"This indicates that, in principle, there is nothing impossible and that it is possible to get away from the US dollar to euros and from euros, in principle, it is possible to go to the rouble. The only thing is that, of course, it will be necessary to study in this case and consider the question of effectiveness of such a transition and see whether such a transition will lead to some additional costs, expenses or not. For the time being, to me personally the question remains open," Dyukov said. "Any limitaitons and sanctions aimed at banning the transaction of operations with US dollars bring about in the long term a serious problem to the USA," he maintains.

"Yes, the US dollar still remains a reserve currency number one in the world but the amounts of foreign states' reserves in US dollars gradually shrink and, accordingly, the use of the US dollar in this case as an instrument of punishment will be simply conducive to a situation when, at some moment, the US dollar will lose its position of the reserve currency and businessmen will transfer to the euro, yuan, rouble or Swiss franc," Dyukov pointed out.

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