Russia’s largest oil producer Rosneft has fully switched its contracts to euros from U.S. dollars, Rosneft CEO Igor Sechin announced on Thursday
Sechin told journalists that as the U.S. dollar has a share of 60% in overall global trade and a 90% share in oil and petroleum products trade, the "resistance to financial monopoly can and should be demonstrated."
He said that Rosneft has undergone this change. "We have completed our works and fully switched to euro."
He also advocated for the Chinese Yuan as a currency that has the most potential to become a global currency reserve with China's increased share in the global economy and with the Chinese economy's rapid growth
Sechin, in a statement made earlier Thursday, argued that the increase in the global market share of U.S. oil was mostly achieved through economic sanctions.
Reporting By E. Gurkan Abay
Writing By Murat Temizer