Russia's Rosneft, one of the global biggest oil makers and exporters, has informed clients that future tender contracts for naphtha will be denominated in euros not dollars probably the current year.
This action is probably going to be viewed as an endeavor to counterbalance any possible negative effect of U.S. sanctions on the Russian Federation.
Rosneft, which records for over 40 percent of Russia's crude yield, sells the main part of its oil items for foreign sales at yearly tenders as well as at various spot or short-term tenders.
BP, Glencore, Trafigura, Vitol and Cetracore are among main purchasers.
Rosneft noticed purchasers about the shift from greenbacks to euros toward the beginning of August. The switch will cover all fresh naphtha contracts granted at tenders.
Rosneft not long ago requested that purchasers utilize the euro as the default monetary standard in a spot tender to sell crude products, a Rosneft record appeared.
Cetracore Energy stated it had not gotten any announcement about the switch from Rosneft. Glencore and Trafigura refused to comment. Rosneft, BP, and Vitol did not respond yet.