By RIA Novosti,
Moscow : St. Petersburg will launch a raw materials and commodity exchange in July-August, expected to have turnover of around 1.5 trillion rubles ($63 billion) by the end of the year, a first deputy prime minister said on Monday.
“The volume of trade will rise continually. By the end of the year, we can expect the trading volume to reach 1.5 trillion rubles,” Viktor Zubkov, a former prime minister, said on Monday.
Zubkov said the exchange, which was presented at the June 6-8 St. Petersburg International Economic Forum, will start off with a trial period.
In the first stage, only petroleum products will be traded, and trade in construction materials, grain, and mineral fertilizers will begin at a later date. All commodity trade will be conducted in rubles, he said.
The idea of setting up a commodities exchange was put forward in May 2006 by then-president Vladimir Putin.