Igor Sechin, CEO of Russia's largest oil company Rosneft, said they now rely heavily on national currencies in trade with China, warning that "continuation of aggressive sanction policies against Russia and China is bringing the next economic crisis in Western countries even closer."
Speaking at an energy forum in Beijing attended by officials from Russia and China, Sechin said Russia's energy supplies have become a key factor supporting China's strategic objectives.
"In the last 10 years, Russia has become China's number one oil provider with a share of nearly 20%," Sechin said, noting that Russia has become China's top crude supplier over the past decade.
He pointed out that the yuan's share in China's foreign trade has risen from 2% in 2010 to 52%.
"The share of the dollar has fallen from 83% to 43%. Payments between Russia and China have shifted almost entirely to national currencies, while the role of the dollar and euro has dropped to the level of statistical error," he said.
Sechin stated that the dollar's position as a global reserve currency has weakened due to its use as a sanctions tool.
"The continuation of aggressive sanction policies against Russia and China is bringing the next economic crisis in Western countries even closer. Most Western politicians are unaware of the risks before them," he said.
Sechin also noted that consumers in Germany and Italy are paying around 40 cents per kilowatt-hour, which is "equivalent to paying $300 per barrel of oil."
Reporting by Emre Gurkan Abay in Moscow
Writing by Humeyra Ayaz
Anadolu Agency
energy@aa.com.tr