Russia Aims to Control Oil Pricing by Creating Own Benchmark
- Oil-trading on national platform to start in October: document
- G-7 price cap plan reinforced need for Russian benchmark
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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 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.