The founding of the International Commodity Exchange in St Petersburg would be an antidote to financial instability and growth of food prices, First Deputy Prime Minister Viktor Zubkov told the 12th St Petersburg Economic Forum. 

Mr Zubkov recalled that the task of organising commodity exchange trade in roubles had been set by Prime Minister Vladimir Putin back in 2006. "We can now see that the work to create a mercantile exchange is making good progress: A license has been formed and a taskforce is being put together," he stressed.

In his opinion the new exchange mechanisms should diminish non-market factors that are pushing prices up, reduce the markups and "grey zones in wholesale trade".

Mr Zubkov said that the project would provide a good basis for the country's integration into the world market and stimulate the creation of a world financial centre in Russia.