The only alternative today to pricing oil in dollars is to price it in euros. However, such a switch would in itself have a negligible impact. The real issues to consider are the currency policies of major oil exporters and major oil importers.

Russia was one of the countries hardest hit by the international financial crisis, but over the last few months there has been a gradual turnaround in the Russian economy.

The share of the euro in forex reserves has significantly increased over the last ten years. Can the single currency overtake the dollar?