Putin Proposes creation of ruble-denominated oil/gas exchange

[katty]

http://en.rian.ru/analysis/20060510/47933517.html

12:38 | 10/ 05/ 2006

Putin proposes creation of ruble-denominated oil, gas exchange


MOSCOW, May 10 (RIA Novosti) - President Vladimir Putin said Wednesday that a ruble-denominated oil and natural gas stock exchange should be set up in Russia.

Speaking before both chambers of parliament, cabinet members, and reporters, Putin said: "The ruble must become a more widespread means of international transactions. To this end, we need to open a stock exchange in Russia to trade in oil, gas, and other goods to be paid for with rubles."

"Our goods are traded on global markets. Why are not they traded in Russia?" Putin said.

[4dsc]

1. Oh this is getting interesting

Say goodbye to the dollar and all its worth.. Can you say fiat currency??

[katty]

3. indeed-it is getting very very interesting

[bemildred]

2. Me, me, I want to own the "reserve currency".

I will never print too much of it, never!
Trust me.
:-)

[Dave Reynolds]

4. Would this be along with the Euro oil market in Iran?

The dollar would be less valuable than toilet paper.

[madrchsod]

5. what`s he been smoking?

the ruble? now that is never going to happen

[IDemo]

6. Nyet, Boris

I don't seriously believe the EU will embrace the concept of a Euro-based oil exchange in such a politically charged nation as Iran, and I don't fear the 'Iran Oil Bourse', unlike many.

But the very concept of a ruble based anything on the global market is a non-starter, plain and simple.

[cliss]

7. I wouldn't write them off too soon, Comrade.

Russia has a lot of oil, nyet? In the changing world dynamics, oil = power. If you have the petroleum, you call the shots. This is going to become more pronounced as oil keeps spiraling upward.

The US mistakenly believes the consumer calls the shots. It's not. It's the supplier who holds all the cards in a dwindling market. That's why Washington is desperately trying to undermine them.

As the dollar goes down in value, oil exporters will start looking for a stable currency. Ruble? Euro?

[Tempest]

8. Iran's Oil Bourse opens next week

http://www.opednews.com/articles/opedne_mike_whi_060508_the_last_gasp_of_the.htm