Gazprom Neft Switches To Yuan Payments In China

Gazprom Neft, the oil arm of Russian gas giant Gazprom, is starting to settle payments for the jet fuel it supplies in China in yuan, instead of in U.S. dollars, the company’s Alexander Dyukov has said. Russian oil firms have sought for years to shift away from U.S. dollar payments for deliveries, while China intends to make the yuan a more widely used currency internationally.

Analysts say the settlement of jet fuel payments in yuan is also part of a broader strategy of the Russian companies to diminish the risk of U.S. sanctions against…