Russia to consider ditching dollar-denominated oil contracts

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Russia to consider ditching dollar-denominated oil contracts if faced with more U.S. sanctions

• “Well, ideally we would prefer not to move away from the dollar as it is an international currency used for settlements,” Novak told CNBC’s Hadley Gamble at the St. Petersburg International Economic Forum, according to a translation.
  
• “But if our American partners create this type of situation we shall have no other choice but gradually do that,” he added.
  
• It comes ahead of a summit between Russian President Vladimir Putin and U.S. President Joe Biden later this month.
  

Russian Deputy Prime Minister Alexander Novak on Thursday said the oil and gas-rich country may soon be tempted to move away from U.S. dollar-denominated crude contracts if President Joe Biden’s administration continues to impose targeted economic sanctions.

“Well, ideally we would prefer not to move away from the dollar as it is an international currency used for settlements,” Novak told CNBC’s Hadley Gamble at the St. Petersburg International Economic Forum, according to a translation.

“But if our American partners create this type of situation we shall have no other choice but gradually do that,” he added.

His comments come shortly after Russia announced it would completely remove U.S. dollar assets from its National Wealth Fund.

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