Welcome to the weak dollar policy

a href=http://biz.yahoo.com/rf/031008/energy_russia_euro_3.htmlhttp://biz.yahoo...

YEKATERINBURG, Russia, Oct. 8 (Reuters) -- A German
government source said on Wednesday that Russia may
switch to pricing oil sales in euros rather than dollars,
potentially huge news for financial markets.

However, Russian energy and finance ministry officials
said they were unable to confirm any change was planned.

quot;The question is taking on increasing significance,quot; said
a government official travelling with German Chancellor
Gerhard Schroeder on an official visit to Russia, referring
to the possibility of a switch in the traditional energy
currency.

Any such change would be a major shift in the balance
of currencies behind the world's most traded commodity
and the success of a long campaign by Europe to get
oil priced in euros.

It could deal a blow to U.S. economic prestige, as well
as the strength of the dollar on foreign exchange markets.

Russia is the second biggest oil exporter behind Saudi
Arabia with the world's largest natural gas reserves.

Schroeder meets Russian President Vladimir Putin later
on Wednesday and they hold a news conference on
Thursday morning.

European leaders have long sought to promote the
common currency and boost price stability in the
European Union by getting energy contracts priced in
euros as well as dollars.

Most energy contracts are settled in dollars, meaning
that for European buyers, trade in gas and oil is
subject to fluctuations in the U.S. currency as well as
in their market prices.

Officials in Moscow said that they had no knowledge
that anything was going on behind the scenes.

quot;We cannot confirm this information. No talks are
taking place on the issue. The ministry draws up
export timetables, but does not deal with financial
issues on oil supplies,quot; a source at the Russian
Energy Ministry told Reuters.

A Finance Ministry source also said he was unaware
of any preparations for a switch.

quot;We have not heard anything of the sort. All information
(about prices) we get is in dollars and roubles ... and we
do not see any tools to force companies to use the euro,quot;
he said.

LUKOIL, Russia's second biggest oil company, said that

it was continuing to work in the U.S. currency.

quot;LUKOIL draws up its accounts based on the dollar. The
company has not yet reviewed its position to change its
functional currency to prepare reports,quot; said head of
investor relations Gennady Krasovsky.

A source in a large Western trading company was
downright dismissive of the talk.

quot;This is a complete nonsense. The market has been
trading in dollars for dozens of years. Until companies
which buy oil do not want to do this, the Russian
Federation will not be able to do anything,quot; he said.

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