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A petroruble is a petroleum trade valued in the Russian ruble as opposed to the US dollar (a petrodollar), or euro (petroeuro). On May 10, 2006 Russian president Vladimir Putin announced the project for the creation of an Oil Exchange denominated in rubles to trade oil and gas. The purpose of trading in rubles is to convert it into an international currency which would also be used to pay other commodities and goods. The Oil Exchange would operate from 2007 and will give rise to the petroruble as those countries that buy oil and gas from Russia will have to acquire them and use it as reserve.
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