RTS launches ruble-contracts in oil, oil products and gold

The Russian Trading System, the country's premier stock market, starts Thursday trading in ruble-settled contracts for gold, oil and oil products, the RTS said.

"Russia's first trading in contracts for gold, crude, and oil products will start beginning June 8," the RTS said.

President Vladimir Putin said in his May 10 state of the nation address that Russia, as a leading oil exporting nation, should establish its own oil exchange to trade crude and petroleum products for rubles.

Link to the RTS