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Russian oil benchmark launch expected in 2016

All conditions are in place and test trading is being held, Deputy Head of Russia's Federal Antimonopoly Service says

© Yuri Smityuk/ITAR-TASS

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Russian economy enters long period of low oil prices — Economic Development Minister

MOSCOW, December 9. /TASS/. The Russian oil benchmark will go live already in 2016 and all conditions to do so are created, Deputy Head of the Federal Antimonopoly Service Anatoly Golomolzin said on Wednesday.

"Relevant organizational measures were implemented and rules were approved. Trial trading is underway. All the conditions are provided to launch the relevant benchmark in 2016," the official said.

Measures to launch the Russian benchmark in trading of oil export contracts were prepared in cooperation with the St. Petersburg International Mercantile Exchange. "Relevant concept and plan were prepared and trade rules were approved. We believe we will be able to launch sustainable trading and receive exchange quotations in 2016," Golomolzin added.

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