Myanmar Uses Yuan to Pay for Russian Petroleum Products

Myanmar Uses Yuan to Pay for Russian Oil Products

Yesterday (Updated: 22 hours ago)

VLADIVOSTOK (Sputnik) – Myanmar uses the yuan to pay for supplies of Russian petroleum products, Minister of Investment and Foreign Economic Relations of Myanmar Kan Zaw told Sputnik, adding that the parties are preparing an agreement on the mutual conversion of national currencies.

“We are using yuan and not [paying] with rubles at this moment. But we are trying to make the kyat-ruble agreement [on the mutual conversion] … [the agreement] is going [to be signed] very soon,” Kan Zaw said on the sidelines of the Eastern Economic Forum (EEF) in Vladivostok.

In addition, Kan Zaw expressed hope that Myanmar would conclude an agreement with Russia on tourism on the sidelines of the EEF.

Last September, Prime Minister of Myanmar Min Aung Hlaing told Sputnik that the country had begun purchasing Russian petroleum products.

Myanmar will begin accepting cards of the Russian Mir payment system in October, Kan Zaw said.

“Mir cards could be used starting from October, I hope,” Kan Zaw said on the sidelines of the Eastern Economic Forum (EEF) in Vladivostok, adding that an agreement on this issue was signed between the central bank and six commercial banks.

The 8th EEF is taking place on the campus of the Far Eastern Federal University in the Russian city of Vladivostok from September 10-13. RIA Novosti is the official media partner of the forum.

Source: Sputnik Globe

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