Russia’s government has made a plan to create a national oil benchmark next year, as it seeks to protect itself from efforts by the West to restrict the flow of petrodollars to the country.
Key Russian ministries, domestic oil producers and the central bank plan to launch oil trading on a national platform in October, according to a document seen by Bloomberg News. Russia will work to attract foreign partners to buy oil, with the aim of achieving sufficient trading volumes to establish a pricing benchmark between March and July of 2023, according to the plan.
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July 15, 2022 at 06:01AM
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Russia Aims to Take Control of Oil Pricing by Creating Benchmark - Bloomberg
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