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News Link • Economy - International

Petro-dollar era is officially over as Gazprom begins sales in Yuan and Rouble

• http://www.examiner.com, Kenneth Schortgen Jr
  In a new announcement from the Russian business media source, Kommersant, Gazprom has conducted the first sale of oil in a currency other than the dollar, and will henceforth open their purchase window to accept both Roubles and Yuan for the exchange of oil and gas products.

Beginning today with an 80000 ton oil shipment from their Arctic fields, Gazprom Neft agreed to new terms on the sale and transfer of oil through the Eastern Siberian-Pacific Ocean pipeline (ESPO) to China, and facilitating the future sale of oil and gas to both Europe and China through a currency other than the dollar. And although this is not the first real transaction for oil done outside the petro-dollar, as this occurred covertly by Iran for gold during the days of economic sanctions, it is the first official global offering by a major oil producer and will likely bring an end to the solitary system of nations being forced to buy dollars first before buying oil from producers such as OPEC and Russia.

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