The Russian chemical industry switched from the dollar and euro to the yuan
Russian fertilizer producers sell their products abroad for yuan.
Dmitry Mazepin, head of the Uralchem corporation, spoke about this today at a meeting with Russian President Vladimir Putin, reports a PolitNavigator correspondent.
“We have recently learned not to work with the euro and dollar. For example, in Brazil we already sell fertilizers in yuan. We hope that one day the BRICS countries will introduce their own currency or national currencies so that we can use rubles at all. But since today the yuan has the greatest liquidity, developing countries are willing to pay in yuan, and this makes the situation easier for us,” Mazepin said.
The West is blocking transactions of Russian companies in dollars and euros, although they are not under sanctions.
“The owners of these companies were under sanctions. But all the owners either left the business or reduced their share, like me, to non-controlling,” Mazepin explained.
This year, Russia produced 42 million tons of fertilizers in total and supplied 12 million tons to the domestic market. The domestic market is growing by 7–8% annually.
Russian chemical industry switches from dollar and euro to yuan