Russia considers using euro for oil payment
CGTN
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Russia is considering using the euro instead of the US dollar in oil trades, Russian media reported on Friday.

"This is something that is decided by two sides, and Russia will work with our partners," Anton Siluanov, Russian finance minister and first deputy prime minister, told Rossiya 24 when asked about whether the country would use euro in oil trade.

He also said the move was a response to the US sanctions.

Russia and the European countries have common interests in the use of non-dollar currencies in oil trade.

Jean-Claude Juncker, president of the European Commission, said in September's speech that EU will introduce plans to strength the role of the euro on the international stage given that Europe pays for 80 percent of its energy imports in US dollars each year.

This August, Anton Siluanov already said that the US dollar was not a reliable tool for payments in international trade.

Heiko Maas, the German minister for foreign affairs, also called for the establishment of a new payment system for European banks and financial system in August. Siluanov said Russia was ready to join in as the system would facilitate oil payments.