Russia's Rosneft to switch to euros in oil product tenders
21 Aug 2019
Russia’s top oil producer and exporter Rosneft has notified customers that all future tender contracts for oil products will be denominated in euros, not dollars, a move aimed at offsetting any potential negative impact of US sanctions on Russia.
Roseneft, which accounts for over 40 per cent of Russia’s oil output, said this could start as early as this year.
Rosneft sells the bulk of its oil products in annual export tenders as well as at a number of spot or short-term tenders.
BP, Glencore, Trafigura, Vitol and Cetracore are among top buyers.
Rosneft contacted buyers about the switch from dollars to euros in early August. The change will cover all new oil products contracts awarded at tenders, according to the five sources.
Rosneft earlier this month asked buyers to use the euro as the default currency in a spot tender to sell naphtha, an official Rosneft document showed.