Russia Coal and Oil Paid for in Yuan Starts Heading to China

originally posted by: AugustusMasonicus
a reply to: vkey08

And what everyone is continually missing is that oil is priced in dollars. Want to pay in Yuan? Good for you, still need a dollar price conversion.

Not in that agreement. The Chinese and Russians specifically priced it in Roubles and let
china pay in their own currency. The whole agreement in 01 has little clauses to make life easier for the Chinese and not a lot for Russia.

To say it was an odd duck is an understatement but everyone including the US hailed it as a great thing for peace and stability at the time.

originally posted by: AugustusMasonicus
a reply to: vkey08

And what everyone is continually missing is that oil is priced in dollars. Want to pay in Yuan? Good for you, still need a dollar price conversion.

Not in that agreement. The Chinese and Russians specifically priced it in Roubles and let
china pay in their own currency. The whole agreement in 01 has little clauses to make life easier for the Chinese and not a lot for Russia.

To say it was an odd duck is an understatement but everyone including the US hailed it as a great thing for peace and stability at the time.

originally posted by: vkey08
The Chinese and Russians specifically priced it in Roubles and let

The ruble pricing is based on the price of oil trading in dollars.

originally posted by: AugustusMasonicus

originally posted by: vkey08
The Chinese and Russians specifically priced it in Roubles and let

The ruble pricing is based on the price of oil trading in dollars.

But it was still delineated initially in Roubles in the treaty, not dollars. No matter what, even if the dollar was used as the basis, it's still not paid in such, nor was it intended to be, therefore it's a non issue being made into an issue.

I could use the Euro as a basis to charge people, even if I accepted the payment in Marsbucks. Basis and actual currency are separate issues.