Russia launches Urals futures contract

摘要

Moscow—Russia launched its first crude futures contract Tuesday marking a key milestone in long-running efforts to establish the country’s main export blend Urals as a new global crude benchmark. The Urals contract on the St. Petersburg International Mercantile Exchange (SPIMEX) has been launched on a FOB Primorsk basis and is to be traded in dollars, but with the possibility of conducting payment in rubles.