“The dream of the decade” Russia on independence from the dictates of Western estimates of oil are about to be fulfilled — due to the creation of independent trading platforms, the emergence of private oil benchmarks and trades in the Russian currency, writes Bloomberg.
The President of Russia Vladimir Putin together with the head of “Rosneft” Igor Sechin has successfully attracted international traders to the Russian trading platform — the St. Petersburg Mercantile exchange (SPIMEX or Spimex).
With the help of this project will be to raise the income from the sale of the Russian oil by reducing the popularity of the most famous brand in the world of Brent and reduce the difference in their value. One of the global challenges is also the transfer of trading on the Russian currency, the newspaper notes.
As the newspaper writes, Russia is dissatisfied with the high level of discount when setting prices for Urals Brent before. According to the head of Spimex Alexey Rybnikov, the promotion of private trading platforms will help to do without Western assessments and substantially increase the income from sales of Russian oil.
“The goal is to create a system in which the rating of Russian oil and trades would be done fair and square,” said Rybnikov.
