Salem Radio Network News Sunday, August 7, 2022

Business

Russia’s Sakhalin Energy tells LNG buyers to pay via Moscow bank

SINGAPORE (Reuters) – Russia’s Sakhalin Energy Investment Co has asked its liquefied natural gas (LNG) customers to make payments via a Moscow unit of a European bank and is negotiating to switch payment currencies away from U.S. dollars, two sources familiar with the matter said on Friday.

The changes follow Russian President Vladimir Putin’s June 30 decree to create a new firm to take over all the rights and obligations of Sakhalin Energy.

Some buyers are already paying via the designated bank but these payments are still made in U.S. dollars, added the sources, who spoke on condition of anonymity.

Among the alternative payment currencies being discussed were the Chinese yuan, the Japanese yen and South Korean won, one of the sources said.

Sakhalin Energy could not immediately be reached for comment. Its LNG buyers, Tokyo Gas and JERA, declined to comment.

(Reporting by Florence Tan in Singapore and Yuka Obayashi in Tokyo; Editing by Jacqueline Wong and Clarence Fernandez)

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