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To: Haim R. Branisteanu who wrote (266236)	11/7/2003 7:09:29 AM
From: Tom Smith	Read Replies (2) \| Respond to of 436258

published by Mr. Moto on prudentbear last evening...he added no comment. I say Putin's not staying bought: Russia's Putin: Ready to 'Work With Euro' For Gas and Oil Nov 6 / 10:24 EST BRUSSELS (MktNews) - Russian Prime Minister Vladimir Putin said Thursday Moscow is ready to work with the EU to examine mechanisms to start trading oil and gas products in euros. Speaking at a press conference in Rome after an EU-Russia summit, Putin said, "If our European colleagues are able to put together a relevant system, we stand ready to work with the euro with regards to gas and oil. This will require joint efforts." He added, "It's not depending on us alone." Putin also stressed it might "raise some problems" for the world economy to move away from trading oil in dollars. European Commission President Romano Prodi said that with the expansion of the EU from 15 to 25 members next year "naturally it will be more convenient for imports and exports to be denominated in the same currency to avoid currency risks." The Russian central bank has been amassing euros since early 2002, increasing the euro share of its $65 billion foreign reserves from 10% to more than 25%, according to the finance ministry. The move has set off a chain reaction in the private sector, leading to a fourfold increase in euro deposits in Russian banks this year and sending Russian citizens scrambling to change their stashes of greenbacks into euro notes. German officials reportedly said Chancellor Gerhard Schroeder secured agreement for the change-over on oil pricing from Putin while on a recent trip to Russia. A switch to euro invoicing would not affect the long-term price of oil but it could encourage Middle Eastern exporters to follow suit and have a powerful effect on market psychology at a time when the dollar is already under intense pressure. Russia boasts the world's biggest natural gas reserves and is the number two oil exporter after Saudi Arabia. --Matthew Saltmarsh, Brussels bureau; brussels@mktnews.com; 00-32-2-230-4370