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Europe could pay Russian gas bill in renminbi
The world was startled by Russia’s demand for unfriendly European countries to pay for Russian oil and gas exports in roubles. First, these are contracts which stipulate the payment currency, which in the case of the European Union is the euro. Second, the rouble is not a major payment currency and third, current payments in euro boost the rouble anyway, once properly repatriated through cross-border payments channels. The EU might propose to pay Russia in renminbi once contracts expire. The renminbi is an international payment currency and part of the special drawing right, and the Cross-Border Interbank Payment ... (full story)