Moscow Set to Put an End to 'Western Dominance' in Oil Trading

Russia heavily depends on high prices of oil and cannot influence pricing in the market controlled by the West. This is why Moscow is set to create its own futures market for domestic-produced oil to put an end to hegemony of Western bourses, Finanzmarktwelt reported.

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.