Gazprom signs agreements to switch from dollars to euros

[Magda Hassan]

Gazprom signs agreements to switch from dollars to euros

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[TD="align: left"]June 7, 2014

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Source: ITAR TASS

Gazprom Neft had signed additional agreements with consumers on a possible switch from dollars to euros for payments under contracts, the oil company's head Alexander Dyukov told a press conference.
"Additional agreements of Gazprom Neft on the possibility to switch contracts from dollars to euros are signed. With Belarus, payments in roubles are agreed on," he said.
Dyukov said nine of ten consumers had agreed to switch to euros.
ITAR-TASS reported earlier that Gazprom Neft considered the possibility to make payments in roubles under contracts. Some contracting parties agree to switch from dollars to euros and Yuans.
"The so-called Plan B is already partially worked out. The switch of dollar contracts to euros and Yuans is agreed on with some of our contracting parties. Under consideration is the possibility to switch contracts to roubles," Dyukov said at the St. Petersburg International Economic Forum.

[David Guyatt]

If you ever want to defeat US global power in the longer term, chipping away at, and weakening, dollar hegemony is probably the intelligent way to proceed.

But Europe needs to wake up to American cynicism if the Euro is to survive and develop as an alternative currency. A BRICS currency would be a good thing too. Each on its own wouldn't achieve parity with the USD, but each new currency would reduce reliance on, and provide alternatives to, the dollar.