A division of Russian energy giant Gazprom, the Russian oil producer Gazprom Neft, has nearly eliminated all usage of the US dollar and euro in its trade of crude oil with foreign partners, as it has switched to national currencies, according to an interview with the company’s CEO Aleksandr Dyukov, this week.

In the interview on the sidelines of the TNF energy forum, held in the oil-rich Tyumen Region in Siberia, he noted that the majority of the firm’s export transactions were already made in Chinese yuan, and Russian rubles.

Dyukov noted that for now, the company is not using India’s currency, the rupee, in export settlements.

He said, “We don’t use rupees. We mainly use yuan and rubles. We have practically moved away from payments in dollars and euros.”

Dyukov said the firm has not had any difficulty so far withdrawing its export earnings in foreign currencies, taking revenues from its oil and petroleum product sales at short notice.

Last year, as Western sanctions led the government to view the use of euros and dollars as “unreliable,” Russia made significant progress in moving away from the use of Western currencies in transactions with foreign trade partners.