Saudi Arabia is open to discussing oil and gas trade settlements in currencies other than the US dollar, the country’s Finance Minister Mohammed Al-Jadaan said. The Kingdom, in particular, is ready to consider trade transactions in euros and Saudi riyals, Kommersant reports.

“There is no problem with discussing in which currency we conduct our trade agreements, whether in U.S. dollars, in euros or in Saudi riyals,” Al-Jadaan said in an interview with Bloomberg at the Davos forum.

He emphasized that Saudi Arabia does not rule out a discussion on ways to improve global trade.

In December 2022, Chinese President Xi Jinping visited Saudi Arabia. At that time, the Chinese leader proposed to intensify the use of the yuan in energy deals, as well as to use the Shanghai Exchange for trade settlements. The parties signed an agreement to invest $50 billion in the Arab country’s economy.