is this just one of the nails in the coffin...
or is it the last straw that starts the bust for the dollar...
among all the talk of oil-producing countries dropping the u.s. dollar, i.e. iran's upcoming oil bourse, etc...
russia is the first to actually do it.
on june 8- russia switches to their own currency for oil trading.
RTS bourse to start trading oil, oil products, gold on June 8
16:03 | 22/ 05/ 2006
MOSCOW, May 22 (RIA Novosti) - The Russian Trading System, Russia's premier stock market, announced Monday that it would start trading in gold, oil
and oil products on June 8.
The announcement comes in the wake of President Vladimir Putin's state of the nation address May 10, when he said Russia, as a leading oil exporting
nation, should establish its own oil exchange to trade crude and petroleum products for rubles.
"The first trading in contracts for gold will commence in Russia on June 8," the RTS said in a statement.
The stock exchange also said it would start trading in futures and options on oil and oil derivatives, including Urals brand, diesel fuel, jet fuel
and fuel oil. Trade will be in rubles based on prices calculated by the Platts agency. The settlement period for a contract is one month and the
minimum security guarantee on a contract is 10% of its overall value.
The derivatives section of the RTS, known by its Russian acronym Forts, will trade futures and options on gold in rubles based on the London Stock
Exchange evening fixing rate. The settlement period for a contract is one month and the minimum security guarantee on any contract is 5% of its
The statement said RTS would collect a 1-ruble commission for each concluded contract.