Analysis on the Impact of the Use of Ruble Settlement for Russian-European Energy Trade

Yuxin Xia ()
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Yuxin Xia: Hony Yi Cambridge International School

A chapter in Proceedings of the 2023 International Conference on Economic Management, Financial Innovation and Public Service (EMFIPS 2023), 2024, pp 772-780 from Springer

Abstract: Abstract Nowadays, with the rapid development of the global economy, the energy issue has attracted the attention of all countries in the world. Russia, as one of the energy producing countries, has long considered European countries as the main energy trade objects, which makes energy trade a central issue in the process of establishing diplomatic relations between European countries and Russia. Since the collapse of the Soviet Union, Russian-European energy trade has gradually developed, and over time, the two sides have formed a known stable and efficient energy development relationship based on the level of their respective interests. However, after the outbreak of the crisis in Ukraine, the United States and the European Union jointly imposed sanctions on the Russian economy, which not only led to the devaluation of the ruble, but also made the development of Russian-European energy relations difficult and complicated, in this case, Russia needs to be alert to the many risks that may arise during the settlement of energy trade in rubles. In the face of the crisis, Russia and Europe need to actively adjust their energy strategies to ensure smooth energy trade using ruble settlement.

Keywords: Energy Trade; Ruble Settlement; Trade Settlement; Financial Sanctions (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:spr:advbcp:978-94-6463-441-9_65

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DOI: 10.2991/978-94-6463-441-9_65

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