Sanctions war gives renewed impetus to Russian oil plan – media ...News

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Sanctions war gives renewed impetus to Russian oil plan – media
Moscow wants to create a crude pricing benchmark by next year as the West seeks to squeeze its profits, Bloomberg reports Russia has ramped up efforts to create its own national oil pricing benchmark as part of its resistance to Western economic sanctions, Bloomberg reported on Thursday, citing government and industry sources. Russian oil is mainly traded as Urals and Siberian Light blends. The prices of both are linked to that of Brent, the European benchmark.  The country has tried for years to launch a national benchmark based on crude trade at the St. Petersburg International Mercantile Exchange, but the volum

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