Putin’s Decade-Old Dream Realized as Russia to Price Its Own Oil

This is the beginning of the removal of the U.S. Dollar (and America) from the global system.

In the future, the price of precious metals such as gold and silver will be set by both China and Russia in their own markets, then expand globally as they eventually aim to take the power of setting global standards away from America. The U.S. keeps prices artificially low to mask the true state of its respective economy. Oil seems to be the first step in taking the U.S. Dollar out of how the commodity is priced.

Without the Petrodollar, there is no U.S. Dollar. Without the U.S. Dollar being used globally, there is no America as we know it today. it will become a third world nation.

 

Russian President Vladimir Putin is on the verge of realizing a decade-old dream: Russian oil priced in Russia.

The nation’s largest commodity exchange, whose chairman is Putin ally Igor Sechin, is courting international oil traders to join its emerging futures market. The goal is to increase revenue from Urals crude by disconnecting the price-setting mechanism from the world’s most-used Brent oil benchmark. Another aim is tomove away from quoting petroleum in U.S. dollars. 

If Russia is going to attract international participation in Russian-based pricing, the Kremlin will need to persuade traders it’s not simply trying to push prices up, some energy analysts said. The government is dependent on oil revenue to fund its budgets.

Russia Breaking Wall St Oil Price Monopoly

Russia has just taken significant steps that will break the present Wall Street oil price monopoly, at least for a huge part of the world oil market. The move is part of a longer-term strategy of decoupling Russia’s economy and especially its very significant export of oil, from the US dollar, today the Achilles Heel of the Russian economy.

Later in November the Russian Energy Ministry has announced that it will begin test-trading of a new Russian oil benchmark. While this might sound like small beer to many, it’s huge. If successful, and there is no reason why it won’t be, the Russian crude oil benchmark futures contract traded on Russian exchanges, will price oil in rubles and no longer in US dollars. It is part of a de-dollarization move that Russia, China and a growing number of other countries have quietly begun.