Russia to bypass dollar with RMB payment over gas deal  

Moscow (ECNS) – Russia is looking east for new business and investments as its relations with the West worsen.

Russia's Gazprom, the world's largest natural gas company, is considering a Hong Kong listing as well as receiving renminbi payment from China, in an effort to shift its focus to Asia and sidestep the dollar.

Banks of Western countries have been reluctant to lend to Russian companies. Gazprom's chief financial officer Andrei Kruglov said in a media briefing Thursday that the move would help strengthen its foothold in Asia.

Gazprom listed its American Depositary Receipts, or ADRs, on the Singapore stock exchange last week, giving more access to Asian investors.

Kruglov also said the company has been preparing to receive payments in Chinese yuan for selling gas to China. The two countries signed a $400 billion deal in May, while European countries are trying to reduce their reliance on Russian gas.

According to the agreement, Gazprom will start selling 38 billion cubic meters of natural gas each year to China from 2018.