Attack on the U.S. $$$$ - behold the *RUSSIAN* OIL BOURSE!

[LunaC]

First Iran, and now Russia……it’s gonna’ be a long, hot summer!


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.

http://en.rian.ru/russia/20060510/47915635.html


Ruble becoming freely convertible deemed feasible

RBC, 10.05.2006, Moscow 18:57:06. Turning ruble into a freely convertible currency by July 1, 2006 is feasible and will not require additional legislative initiatives, Deputy Chairman of the State Duma Committee for financial institutions and markets Pavel Medvedev told journalists today. "All technical barriers have been eliminated," he said. By "technical barriers" he meant exporters' obligations of to sell part of the revenue on the domestic market and the necessity to reserve a certain volume of funds in Russia for export operations.

The constraints that cannot be removed legislatively are related to the Central Bank's requirements, which the Bank will cancel on July 1, 2006, Medvedev said. Once established, a Russian petroleum exchange will help improve the ruble's real convertibility, he added. "This doesn't imply banning Russian oil and gas manufacturers from entering international markets. "We will only establish the new trading floor where trade will be carried out in rubles," he added.

http://www.rbcnews.com/free/20060510185706.shtml

[mmonk]

1. I have a feeling this is going to be a continuing mantra.

Everyone besides Americans understand the new US foreign policy. This is going to be everybody's back at you approach.

[LunaC]

2. The days of dollar hegemony are over.

And nobody seems to care.

::sigh::

[Skink]

3. Hugo Chavez strikes again.

He must be stopped.

[enid602]

4. solidarity

Good for them. Although I realize a dollar slide will most probably be a bad thing for Americans, we can't maintain the dollar's traditional role around the globe by means of gunboat diplomacy alone. If all oil-producing countries would unite by not demanding payment in dollars, Bushco will not be able to attack/bomb them all at the same time.

[RB TexLa]

7. not if you hold currencies other than the dollar

it won't be as bad for you.

[enid602]

9. already with you

I'm 51% in non-Dollar bond and equity mutual funds. Like the international bond equity funds the best.

[rniel]

5. Is bush going to nuke them too

He just may be crazy enough to.

[enid602]

8. latest

I think Russia's just the latest to get on board with this. Bushco certainlay can't stamp out all dissenters if all oil-producing countries start dissenting simultaneously.

[rniel]

6. Result of our foreign policy

adventures. no doubt.

Why the hell did we invade Iraq anyway?

For haliburton stocks to go up?

[robertpaulsen]

10. Kick! Sorry I'm too late to nominate!

:kick: