home Latest News Russia's Rosneft asks buyers for euro payments in naphtha tender – Reuters Africa

Russia's Rosneft asks buyers for euro payments in naphtha tender – Reuters Africa

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MOSCOW, Aug 14 (Reuters) – Russian state oil company Rosneft has for the first time asked buyers to use the euro as the default currency in a spot tender to sell naphtha loading from the Far East ports of Nakhodka and Vostochniy, an official Rosneft document shows.

It is the first time the euro has been set as the default currency in any Rosneft oil product tender and reflects Rosneft’s attempts to offset any possible negative impact of U.S. sanctions Russia on the company’s business, three traders said.

“The default payment currency should be euro,” the tender document published on Rosneft’s website showed. For years, Rosneft used U.S. dollars as the default currency in contracts.

Rosneft said in the document it may consider accepting payment in U.S. dollars or Russian roubles as well, but such a payment should be made ‘only upon mutual agreement between the parties’. (Reporting by Natalia Chumakova and Olga Yagova Editing by Katya Golubkova and Susan Fenton)