"We are drafting proposals to establish a [Russian] oil stock exchange and brand," German Gref said. "The issue is being discussed with oil businessmen."
He said the initiative was far more important than Russian oil quotations on foreign stock exchanges.
Earlier, Finance Minister Alexei Kudrin said two international stock exchanges would determine the quotations of Russian Urals oil.
"It has been agreed that the New York and Budapest stock exchanges will determine market quotations of the Urals brand. Now we are preparing to implement the decision," Kudrin said.
"Russia is working to increase trade in Urals oil on the stock exchange, as its price is now set by methods that are insufficiently market-related," Kudrin said.
