Russia’s oil and gas giant Gazprom Neft called on its foreign partners and clients to settle deliveries in rubles. The Kremlin’s proposal was greeted by Gazprom Neft management. So, negotiations are already underway. Importantly, Andrey Kostin, Chairman of the Management Board of VTB Bank, advised other oil companies to revise payment conditions. However, experts think that switching to ruble settlements might cause extra problems of hedging exchange risks. Currently, only Gazprom Neft is considering the possibility of using the national currency in gas transactions. Alexandr Dyukov, Gazprom Neft CEO, spoke at a press conference, “We have submitted our proposal to revise payment terms in favor of the ruble. So, we are awaiting a response from our clients. Meanwhile, Belarus and Kazakhstan have already confirmed they agree to pay in rubles. Changing over to the Russian currency will not cause losses.” Besides, the executive stated the oil company has revised and signed supplement agreements to valid gas contacts. 95% of its clients agreed to give up the U.S. dollar opting for the euro. Asian partners are ready to use the Chinese yuan. It should be reminded that VTB Chairman Andrey Kostin suggested switching to ruble transactions in early April. The Russian banker said at a meeting with executives of the largest Russian companies, “Revenues of supplies by Gazprom, Rosneft, and Rosoboronexport equal almost $230 billion annually. They account for 44% of the total export sales. The West appeals to the world community to bar business relations with Russia using such “nuclear weapon in finances” as dollar-based settlements. Citing Andrey Kostin, “the issue of giving up dollar-based payments was ripe long ago. Nowadays, this problem is burning and needs to be solved urgently.” Interestingly, Surgutneftegas, Lukoil, and Bashneft refused to make comments on using rubles for settlements with their contract partners.