Russian revolution?
The news that TNK-BP will sell oil products on the St. Petersburg International Mercantile Exchange could signal a shift by Russia towards market mechanisms, Roderick Bruce reports
Russia, the world's largest crude oil exporter after Saudi Arabia, has so far priced its oil and products exports in US dollars, leaving a key revenue stream prone to both commodity and FX market volatility.
In 2006, then President, now Prime Minister, Vladimir Putin stated that the rouble needed to become more accepted for the international settlement of payments, to widen its sphere of influence.
"It is therefore essential to establish the exchange trading of oil, gas and other commodities on
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