Threats Of US Sanctions Incite World Trade In Other Currencies - Novatek

Threats of US Sanctions Incite World Trade in Other Currencies - Novatek

The threats of US sanctions threats are stimulating development of international trade in currencies alternative to the US dollar, Russian gas company Novatek's Deputy Chairman of the Management Board Mark Gyetvay said on Tuesday.

BARCELONA (Pakistan Point News / Sputnik - 18th September, 2018) The threats of US sanctions threats are stimulating development of international trade in currencies alternative to the US Dollar, Russian gas company Novatek's Deputy Chairman of the Management board Mark Gyetvay said on Tuesday.

On Monday, Novatek CEO Leonid Mikhelson said that the company was considering an opportunity to sell a part of liquefied natural gas to China for its national Currency, the yuan.

"There is obviously a discussion to use multiple currencies on trading, financing, activity, equity participation, construction costs etc. The world is moving away from purely US Dollars, we see it already in Asian market, we see cargos of crude oil being traded in Chinese currencies, so I think we will eventually see it. If the United States keep increasing sanction threats, the more it's going to establish an alternative structure for setting this ... I am not saying we are going to start anything right now, it's kind of premature. I'm just giving you a general understanding that as the world looks at the threat of using US dollars, then more countries, companies, businesses may want to trade [in other currencies]," Gyetvay told reporters on the sidelines of the Gastech conference in Barcelona.

He added that the Yuan may become the first foreign currency, which Novatek will use in trade with its partners.

During his presidential campaign, incumbent US President Donald Trump promised to change the country's trade policies by resorting to protectionism. After his inauguration, the leader started to fulfill his promises, which included introduction of additional tariffs on aluminum and steel imports as well as withdrawing the United States from the Trans-Pacific Partnership (TPP) and renegotiating the North American Free Trade Agreement (NAFTA).