Gazprom Neft ponders dropping the dollar

Russia’s Gazprom may start executing oil contracts in euros instead of dollars to avoid falling foul of a US sanctions regime imposed in response to Russia’s annexation of the Crimea. According to the UK’s Financial Times, Alexander Dyukov, the head of oil unit Gazprom Neft, told reporters that 95 per cent of the company’s customers confirmed their willingness to settle contracts in euros.