EU in talks on Russian oil for euros

Published: 19 October 2003 y., Sunday
The European Union has held informal talks with Russia on its long-sought aim to have Russian oil exports priced in euros, European Commission President Romano Prodi said on Friday. "Russia is given its own national interest drawn to having its imports and exports denominated in euros," Prodi told a news conference after an EU summit in Brussels. But Russian Prime Minister Mikhail Kasyanov said his government would not force the market’s hand. He said it was up to exporters to decide if they should to stick to the dollar or buck the international energy markets and price oil in euros. President Vladimir Putin, travelling last week in Russia with German Chancellor Gerhard Schroeder, said he would not rule out denominating oil exports in euros. The remark raised hopes a long European campaign to make the euro a common currency in the region’s energy markets might come to fruition and brought a favourable response from European Central Bank President Wim Duisenberg. "I think it is a good idea for the euro as an international currency," But Putin’s remarks may have been less a promise than a new bargaining chip in tough talks with the European Union on Russia’s bid to join the World Trade Organisation, blocked by Brussels, in part, over what it sees as unfair gas pricing.
Šaltinis: jang.com.pk
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.

Facebook Comments

New comment


Captcha

Associated articles

The most popular articles

Iran-Russia power transit line to become operational this year

Iran’s electricity transit line to Russia via Azerbaijan Republic will be partly inaugurated in the next Iranian year starting March 21, 2005 more »

Hungarian Economy Grew 3.7% in Fourth Quarter

Hungary's economy probably grew 3.7 percent in the fourth quarter as rising exports outweighed slowing consumer spending, a survey of economists showed more »

Polish official says rates won't be slashed

A senior official from Poland's central bank warned markets Monday expectations for sharp falls in interest rates this year were misplaced more »

Investment treaty with Finland in final stages

Finland has asked Pakistan to early finalize a bilateral investment agreement to help Nokia phone company to invest $200-300 million during 2005 in the country more »

Russia signs nuclear fuel deal with Iran

Russia is to supply Iran with nuclear fuel for its Bushehr reactor more »

Kazakh budget deficit may rise to 1.9 pct/GDP

Kazakhstan's 2005 budget deficit could widen to 1.9 percent of gross domestic product from 1.7 percent after increases in social spending promised by the president more »

German bank may issue 2 bln euro credit to Ukraine

Deutsche Bank and Ukraine’s oil and gas company Neftegaz are drafting an agreement on a credit of up to two billion euros for an energy project to overhaul the Ukrainian gas transportation network more »

IMKON CREDIT UNION LAUNCHES TWO CONSUMER CREDITING PROJECTS

Imkon credit union (Uzbekistan) launched two more new consumer crediting projects in cooperation with local companies on 21 February more »

Spain, Cyprus, Latvia, Lithuania, Slovenia, the UK

Commission assesses the stability and convergence programmes of Spain, Cyprus, Latvia, Lithuania, Slovenia and the United Kingdom more »

Russia to pay some of its debt to Finland ahead of schedule

Russia has expressed a desire to pay off ahead of schedule its USD 44 billion debt to the 19 creditor countries of the so-called Paris Club, including Finland more »