The end goal is that Russia wants to provide competition for the oil futures markets in New York and London. With its own futures market for Urals and Espo, Moscow would take a "decisive step."
Moscow, following China’s footsteps, will introduce its own futures trading on the St. Petersburg exchange, according to the article.
The author noted that despite its minor share in the global market, Brent "virtually controls 70 percent of global oil trading." Market shares of Russian-produced Urals and Espo are more significant.
"It is clear that Russian wants to get rid of the system which allows for oil prices to be set by London or Dubai," the article concluded.
