Russia contemplates pricing Oil in Euros

I stumbled onto this article doing other research. It's dated October 31 and refers to a meeting between Putin and Schroeder the week prior.

If there are Russian or German ATS members that could confirm this I would appreciate it.

In a move that would have massive repercussions in the global balance of power, last week Russian President Vladimir Putin said Russia could switch its trade in oil from US dollars to euros.

This news has not appeared anywhere in the western media.

Mind you, the comments were made at a joint news conference with German Chancellor Gerhard Schroeder in Yekaterinburg, where the two leaders conducted two-day talks.

We believe this is the beginning of a move by European elitists to replace the US dollar as the world's reserve currency. source

"The trial balloons are going up ... the waters are being tested ... the move away from the dollar has begun."

.

Yes, Iraq started it and look what happened to them !

But these days Bush can no longer threaten every country in the world with a carrier strike force if they refuse to accept US dollars. So now the stampede has started.

Foreigners are going to withdraw huge amounts of investment capital as the US dollar sinks lower, and interest rates stay low in the US. If the Fed hikes interest rates, the stock and property markets are going to crash.

Bad times ahead. Anyone with half a clue is fully invested in gold and silver, bullion and mining shares BEFORE the crash.

It is just logical. Germany gets most of it's gas and much of it's oil from Russia. So it's easier to pay in euro. Converting to Dollars does not make too much sense.
I have not heard of it and a search on google news did not actually find something but it makes sense to me.

According to the EIA, two thirds of Russias oil exports go to Belarus, Ukraine, Germany, Poland, and other destinations in Central and Eastern Europe. (link)

If the majority of their oil exports go to Europe, there is no reason for it to be sold in US dollars.

Putin has suggested this move to the Euro previously.
Putin: Why Not Price Oil in Euros? (Oct 2003)

Old News

Hey Goals....
Your article mentions:

This news has not appeared anywhere in the western media.

My guess would be that you need to try more sources, since its apparent that your source article is obviously wrong?

Try the below links that are from September and October of last year:
Russia Switches to the Euro!!!
Russia to go with the Euro?


seekerof

Originally posted by Seekerof
Try the below links that are from September and October of last year:

Thanks guys but I know about last year's story. This is recent and reports on comments made between Putin and Schroeder during the last week of October (just before the US election).

I'm trying to get some confirmation about what was discussed at this meeting from Russian or German members. I can't seem to find anything in a normal Google search or it's burried in the results.