Russia considers switch to euro for oil exports

- FX Markets Staff
- @FXMarkets_
- 13 Oct 2003

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Russia is the world’s biggest oil exporter after Saudi Arabia and has the world’s largest natural gas reserves. European leaders have long expressed interest in having energy contracts priced in euros rather than dollars and last week Russian president Vladimir Putin said he would not rule it out. It is hoped the move would promote the currency and boost price stability in the European Union. Most energy contracts are settled in dollars, meaning that for European buyers, trade in gas and oil is

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