Gazprom PJSC said it will shift its contract to supply gas to China to rubles and yuan from euros, as the Kremlin steps up efforts to move trade out of currencies it considers “unfriendly” amid US and European sanctions.
Gazprom has asked India's largest gas transmitter GAIL (India) to pay for gas imports in euros instead of dollars, two sources said, in a sign the Russian energy giant seeks to wean itself away from the US currency in the wake of the Ukraine conflict, reported Reuters.
Vattenfall has place a hybrid bond issue of $400million which will be used for general corporate purposes. The company said the move will be its first ever hybrid bond denominated in US dollars.
US stocks bounced back yesterday after losing ground for three weeks as the dollar’s rally against the euro abated. Elsewhere in financial markets, oil closed at a six-year low, below $44 a barrel, as supplies continue to outpace demand. Treasurys gained after some mixed reports on the economy. The stock market has stumbled in recent weeks as the dollar has surged against the euro. The US currency has been rising on expectations that the Federal Reserve will start to raise interest rates even as the European Central Bank continues to provide stimulus to that region’s economy. A stronger dollar is a problem for big US companies that rely on overseas sales because it makes their goods more expensive in foreign markets and reduces the value of the profits they bring back home to the US.