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Russia To Price Its Oil In Euros Not Dollars

10/09/03 (Reuters) YEKATERINBURG, Russia, Oct 8 (Reuters) - A German government source said on Wednesday that Russia may switch to pricing oil sales in euros rather than dollars, potentially huge news for financial markets.

However, Russian energy and finance ministry officials said they were unable to confirm any change was planned.

"The question is taking on increasing significance," said a government official travelling with German Chancellor Gerhard Schroeder on an official visit to Russia, referring to the possibility of a switch in the traditional energy currency.

Any such change would be a major shift in the balance of currencies behind the world's most traded commodity and the success of a long campaign by Europe to get oil priced in euros.

It could deal a blow to U.S. economic prestige, as well as the strength of the dollar on foreign exchange markets....