De-Dollarization Accelerates As Russia Nears Launch Of Ruble-Priced Oil Trading Platform

by Tyler Durden
ZeroHedge.com
05/07/2016

It appears Russia is close to taking the next big step towards de-dollarization and killing the petro-dollar as Vladimir Putin’s “dream” of ruble-based pricing of its domestically-produced oil is on the verge of realization. SPIMEX (The St. Petersburg International Mercantile Exchange) is actively courting international oil traders to join its emerging futures market, which as Bloomberg reports, is designed “to create a system where Russian oil is priced and traded in a fair and straightforward way.”

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This entry was posted on Saturday, May 7th, 2016 at 12:29 pm and is filed under Economics, Oil, Russia. You can follow any responses to this entry through the RSS 2.0 feed.