The customary pricing mechanism for oil, which is based on the use of existing price benchmarks as a method for determining fair market price, has recently come under fire amid a significant reduction in oil recovery from fields which form the physical basis for the best-known pricing benchmark. Pricing must be improved by establishing new benchmarks based on oil streams which are more stable from the point of view of production volumes and qualitative characteristics. Establishing benchmarks through direct quotation will help to establish prices with greater precision. Russia is following this trend itself. In November 2016, trading in deliverable futures based on Urals oil was launched at the Russian Commodities and Raw Materials Exchange. These are accessible today to all major Russian oil companies and key Russian brokers, who are being joined by non-resident companies: oil traders and financial institutions. How can this project be further developed? What impact could developing exchange trading in Urals oil have on the Russian economy?