boys watching crude oil fountain

Myanmar Explores Yuan for Russian Oil Payments and Nears Local Currency Transaction Agreement

Myanmar is embracing China’s yuan as a means of settling payments for Russian petroleum products, according to Mr. Kan Zaw, Myanmar’s Minister of Investment and Foreign Economic Relations. In a statement to Russia’s Sputnik news agency, he also revealed that Myanmar and Russia are in the final stages of negotiating an agreement for conducting transactions in their respective local currencies.

“We are currently utilizing the yuan, not the Russian ruble. Nevertheless, we are actively working towards a mutual understanding regarding transactions conducted in Myanmar’s kyat and Russia’s ruble. This agreement is poised for signing in the near future,” stated Gan So during discussions at the Eastern Economic Forum (EEF) held in Vladivostok.

Moreover, Mr. Gan Seo expressed optimism that Myanmar and Russia would formalize a tourism agreement during the EEF meeting.

Additionally, Mr. Khan Saw affirmed that Myanmar intends to commence accepting payments via Russia’s Mir payment card starting in October.

Interestingly, this development aligns with Prime Minister Min Aung Hlaing’s statement to the Sputnik news agency in September of the previous year, in which he disclosed Myanmar’s initiation of petroleum product purchases from Russia. This strengthening economic relationship between Myanmar and Russia not only underscores evolving trade dynamics but also signifies the growing importance of the yuan as a global currency.

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