EUROPEAN Commission officials believe that rapidly growing oil and gas shipments from Russia to the EU could in time pave the way for the adoption of the Euro as a petro-currency. Gerassimo Thomas, spokesman for the Commissioner in charge of the euro, Pedro Solbes, said that the Commission had considered pushing for the euro to be used globally to denominate the price of oil but "we can't tell the market how to behave."

However the massive oil and trade deal at present under negotiation between the EU and Russia will be valued in euros ...

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