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    Prosecutors demand six-year prison sentence for Simon Ekpa

    SEC alerts Nigerians of illegal operator Silverkuun Investment Cooperative Society/Silverkuun Limited

    SEC alerts Nigerians of illegal operator Silverkuun Investment Cooperative Society/Silverkuun Limited

    Legal Expert says only Rivers State can collect VAT as at today following Appeal Court’s order to “maintain status quo”

    Wike describes Seyi Makinde as chief architect of PDP problems

    ELECTION: Cutix Plc reschedules Board Meeting

    Weekly Report: Nigerian Exchange sees mixed performance as Cutix Plc emerge top gainer

    Breaking: President Tinubu dissolves Boards of Parastatals, Agencies, Institutions

    President Bola Tinubu Approves New Heads of Federal Agencies & Commissions

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    UH Real Estate Investment Trust to distribute N5.05 per unit to unit holders

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    Breaking: President Joe Biden diagnosed with “aggressive” cancer

    Mexican Navy Ship crashes into New York Bridge

    Mexican Navy Ship crashes into New York Bridge

    Pope Leo XIV holds inaugural mass, sets tone for his papacy

    Pope Leo XIV holds inaugural mass, sets tone for his papacy

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    UK tightens visa rules for care workers, skilled workers and students

    UK tightens visa rules for care workers, skilled workers and students

    United States scraps visa dropbox service for Nigerian applicants

    President Donald Trump cancels protection for 500,000 Haitian migrants

    Spain golden visa scheme ends as Portugal and Greece demand increases

    Spain golden visa scheme ends as Portugal and Greece demand increases

    CBN fines nine banks 150 million Naira each for failing to dispense cash

    CBN ends free ATM withdrawals for other banks’customers

    FG increases private university application fee from N5m to N25m

    FG increases private university application fee from N5m to N25m

    United States scraps visa dropbox service for Nigerian applicants

    United States scraps visa dropbox service for Nigerian applicants

    Buhari says Nigeria security and economy improved during his tenure

    Buhari says Nigeria security and economy improved during his tenure

    Air Sierra Leone commences flight operations to Lagos

    Air Sierra Leone commences flight operations to Lagos

    Nigeria renews $2 billion currency swap deal with China to boost bilateral trade

    Nigeria renews $2 billion currency swap deal with China to boost bilateral trade

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    List of Stockbrokers in Nigeria

    Weekly Market Report: NGX market capitalization settles at N70.46 trillion

    MTN Nigeria to pay over N200 billion final dividend for 2022

    List of Dividends announced in 2025, qualification and payment dates

    Dangote Group announces major investment in rice production

    Dangote Group announces major investment in rice production

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    NNPC Ltd Announces Maintenance Shutdown of Port Harcourt Refinery

    Security features of the new naira notes revealed by the CBN

    The Frontier Fund unit holders to get N17 per unit distribution

    Banks begin to charge taxes on bonds, T-bills as exemption expires

    Skyway Aviation Handling Company Plc announces N0.6 final dividend for 2024 FY

    Dangote Refinery reduces petrol price by N15 nationwide

    Dangote Refinery reduces petrol price by N15 nationwide

    Jaiz Bank Plc Board of Directors propose over N830 mn as dividend for 2020

    Beta Glass Plc announces N2.95 final dividend for 2024 FY

    Fidelity Bank to issue 3.03 billion Ordinary Shares by way of Private Placement

    “Bankruptcy” report – Fidelity Bank Plc clarifies position

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    ELECTION: Cutix Plc reschedules Board Meeting

    Weekly Report: Nigerian Exchange sees mixed performance as Cutix Plc emerge top gainer

    Again DMO offers N360 billion FGN bond for February

    DMO offers N300 billion FGN bond for auction in May

    NGX Daily Equities Market Report: Market gains for third consecutive days

    CSCS Plc explores listing on the Nigerian Exchange (NGX)

    NGX Daily Equities Market Report: Market gains for third consecutive days

    NGX delists Flour Mills shares, lists additional NB and Jaiz Bank shares

    Bitcoin soars above $21,000 as U.S. dollar sags

    BITCOIN hits $103,000 for the first time

    Bitcoin (BTC) rises above US$90,000 records a new all time high

    Bitcoin (BTC) rises above US$90,000 records a new all time high

    Bitcoin crosses US$60K, approaches All-Time High

    Bitcoin (BTC) rises above US$80,000

    Alhaji Dahiru Mangal sold his 1.96bn Oando Shares for N11.81bn

    NGX RegCo suspends Trading of Oando Plc shares

    NGX RegCo approves Livingtrust Mortgage Bank’s free float compliance plan

    SEC approves Busha and Quidax as crypto exchanges in Nigeria

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    Trump wins a resounding victory in first Republican primary in Iowa

    How Donald Trump won the 2024 U.S Presidential Election

    Rovina Medical Diagnostic Services offers free Breast and Prostrate cancer scans

    Rovina Medical Diagnostic Services offers free Breast and Prostrate cancer scans

    Security features of the new naira notes revealed by the CBN

    New hope for Naira fixed income savers?

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    Nigerian Exchange gains 5.37% in Tinubu’s first week, highest for any President since return to Democracy

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    Just in: Bandits attack President Buhari’s convoy in Katsina, two injured

    2015 vs 2023 Data: Nigeria situation went from bad to worse under Buhari

    Who is Hiba Abouk soon to be Achraf Hakimi’s ex-wife worth millions of dollars?

    Who is Hiba Abouk soon to be Achraf Hakimi’s ex-wife worth millions of dollars?

    LP won Obio-Akpor LGA Rivers State not APC as announced – INEC’s IReV

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China agrees to pay for Russian gas in rubles and yuan – Gazprom

Wednesday, 7 September 2022, 10:02 am
in News, World
1
Russia set to receive $10 billion as dividend from Gazprom after record profits this year
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Russia’s energy giant Gazprom says it has signed an agreement with China to start payments for gas supplies to China in yuan and rubles instead of US dollars.

The move is part Russia’s effort to reduce reliance on the US dollar, euro and other hard currencies in its banking system for trade as it grapples with Western sanctions in response to the invasion of Ukraine.

 It is also a sign of warming relations between Beijing and Moscow.

“The new payment mechanism is a mutually beneficial, timely, reliable and practical solution,” Gazprom CEO Alexei Miller was quoted as saying in a statement following a video conference meeting with the head of China’s oil group CNPC, Dai Houliang.

Miller added that it will “simplify calculations” and “become an excellent example for other companies”

Miller informed his Chinese counterpart of the “status of work on the project for gas supplies via ‘the eastern route’ – the ‘Power of Siberia’ gas pipeline” which connects the Russian and Chinese gas networks, the Gazprom statement said.

  • Read also: Russia set to receive $10 billion as dividend from Gazprom after record profits this year
  • Russia’s economy hasn’t collapsed as predicted by Wall Street following Ukraine invasion
  • Turkey and Russia sign MOU, to use Russian ruble as currency for trade
  • EU eases sanctions on Russian Oil for the sake of “food and energy security”

Gazprom did not provide further details on the scheme or say when payments would switch from dollars to rubles and yuan.

Recently, Russia has been working on building closer economic ties with China and other non-Western countries.

Russian President Vladimir Putin earlier this year forced European customers to open ruble bank accounts with Gazprom bank and pay in Russian currency if they wanted to continue receiving Russian gas. Supplies were cut off to some companies and countries that refused the terms of the deal, causing energy prices to soar.

The Kremlin has said that Russian gas supplies to Europe will not resume until Western sanctions against Moscow are lifted.

Russia signed a landmark $37.5bn extension to its deal to supply gas to China on the eve of the invasion.

It started pumping gas to China through the 3,000-km (1,865-mile) Power of Siberia gas pipeline in late 2019. Putin hailed the move as a “genuinely historical event, not only for the global energy market, but above all for us, for Russia and China.”

Ifunanya Ikueze
Ifunanya Ikueze

Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.

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