Russian Government is going to export oil and fuel for rubles

The Russian Government has instructed a number of Ministries to consider the proposal of the Federal Antimonopoly Service (FAS) on the development of exchange trade of export contracts for rubles. This applies to various goods, including oil and petroleum products, the Interfax reports, referring to informed sources.

The order was sent to the Ministry of Finance, Ministry of Economic Development, Ministry of Energy, the Federal Customs Service (FCS) and the Central Bank. Their offers must be submitted by May 14.

The FAS believes that at the moment there are prerequisites for the sale of export contracts of large companies (including oil ones) for rubles. The antitrust agency notes that it will increase the competitiveness of the national currency and will create additional demand for rubles. The measure also would reduce the outflow of capital and to generate a fair price of exported products, the FAS says.