U.S. sanctions may see Russia ditch dollar-denominated oil contracts, Novak says


Alexander Novak, Russia’s energy minister, pauses during a panel session on day two of the St. Petersburg International Economic Forum (SPIEF) in St. Petersburg, Russia, on Thursday, June 3, 2021.

Andrey Rudakov | Bloomberg | Getty Images

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…


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