Ten years of grinding a sword!"Russia will compete with the West"

US media reported on the 15th that the Russian government plans to establish a national oil benchmark next year to compete with the West to compete for oil pricing power.

Bloomberg News quoted a Russian document to report that multiple departments of the Russian government, Russian oil producers and the central bank of Russia plans to start oil transactions on a national platform in October this year, and take measures to attract foreign partners to purchase oil to make the above. The platform reaches enough oil transaction volume, thereby establishing a national oil benchmark from March to July 2023. A senior executive of an oil producer in Russia confirmed to Bloomberg's discussion about the establishment of a national oil benchmark to Bloomberg.

Russia has tried to establish its own oil benchmark in the past ten years, but has not been achieved. Russian oil producers sell oil on the Spimex Commodity Exchange in Moscow, but the transaction volume has not been enough to establish a nominaries that have been widely recognized in the world.

However, Western sanctions on Russia have recently been upgraded due to the situation in Ukraine, which has made Russia's establishment of a national oil benchmark.

EU member states leaders reached an agreement on Russia's sixth round of sanctions at the end of May. The European Union will stop purchasing Russian sea transport crude oil within 6 months, accounting for two -thirds of the EU imports of Russian crude oil, and stop buying Russian oil products within 8 months. By the end of 2022, the EU's oil imported from Russia will be reduced by 90%. The Seventh Kingdom Group agreed to quickly explore how to capacity on Russian oil export prices to reduce Russian oil income.

Two Russian officials who did not want to disclose their name told Bloomberg reporters that the preparations for the national oil benchmark are unfolding. Russia seeks to ensure that oil is sold without any external pressure or restrictions.

One of the officials said that the Seven Kingdoms Group attempts to cap for Russia's oil prices to further prove the necessity of establishing an independent oil benchmark for Russia.

Source: Xinhua News Agency client

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