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.
en.rian.ru
Iran to require oil payments in euros
TEHRAN, May 15 (UPI) — Iranian President Mahmoud Ahmadinejad announced Friday that in July Iran will abandon dollar payments for its oil and natural gas exports in favor of euros.
The move comes amid a standoff between Tehran and Washington over Iran’s nuclear fuel enrichment program. The Bush administration insists the program is cover for a nuclear weapons program, a charge that Iran denies.
All current international oil transactions on the New York Mercantile Exchange and London’s International Petroleum Exchange are priced in dollars.
Middleeastforex.com reported May 13 that Ahmadinejad announced the change Friday during a visit to Baku, Azerbaijan.
Many political observers see the decision as an attempt to pressure Washington, which is attempting to line up other U.N. Security Council members to act against Iran for its nuclear policies.
Iran has also proposed establishing a euro-based Iranian oil bourse to compete with NYMEX and the IPE. The proposal was first put forward in the beginning of the Third Development Plan (2000-2005), and began to receive serious attention in 2005.
Some observers speculate that the Iranian switch to euros could negatively affect the dollar, as many central banks from oil importing nations could choose to stock up their currency reserves with euros rather than dollars.
US asks Pak to abandon gas project with Iran
ISLAMABAD: The US has asked Pakistan to abandon the seven billion dollar gas pipeline planned to Pakistan and India ahead of next week’s visit by a high-level Iranian delegation, a newspaper reported on Monday.
“The US has asked Pakistan to distance itself from the pipeline, but the leadership is adamant in its refusal to the constant US demands,” The Nation quoted a senior government official as saying.
Iran and Pakistan have said the project would forge ahead despite US reservations. Pakistan said the project is vital to meet the country’s growing energy needs.