Could Russia Avoid Sanctions With Its Own Oil Benchmark? ...Middle East

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Could Russia Avoid Sanctions With Its Own Oil Benchmark?
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Russia plans to create its own national oil benchmark in 2023 as a means to protect its oil export revenue while the West is stepping up sanctions against Russian oil, a document seen by Bloomberg News showed on Friday. Russia’s oil producers, its central bank, and relevant ministries are working to launch a national trading platform for Russian oil in October this year. The goal would be to attract enough foreign partners to buy Russia’s crude and generate enough volumes so as to set up a national oil benchmark at some point between…

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