Bloomberg reveals Russia's plan for countering the G7 oil initiative

Russia is planning to create its own reference grade of oil, with the help of which Moscow will be able to counter Western attempts to hit its revenues, writes Bloomberg.

"The Russian government has drawn up a plan to create a national oil benchmark next year as it seeks to defend itself against Western attempts to limit the flow of petrodollars into the country," says the publication.

The publication claims to have read a document according to which key Russian ministries, oil producers and the Central Bank plan to start trading oil on the national platform in October.

“According to the plan, Russia will work to attract foreign partners to purchase oil in order to achieve trade volumes sufficient to establish a benchmark price between March and July 2023,” the agency notes.

It emphasizes that the initiative is "at an early stage."

Unnamed Bloomberg interlocutors in Moscow confirmed plans to set a benchmark oil price, noting that this would help fight external pressure, and recalled the oil initiatives of the G7.