Artemyev Proposes Mandatory Exchange Trading to Formalize Russia’s Economy

Igor Artemyev, head of the St. Petersburg International Mercantile Exchange (SPIMEX), has proposed introducing mandatory exchange trading for key commodities as a universal mechanism to formalize Russia’s economy.

In an interview with RBC, Artemyev stated that exchange trading is the most effective tool for increasing market transparency and reducing the shadow economy. According to him, requiring even 10% of production volumes to be traded on exchanges would be sufficient to establish reliable price benchmarks.

Currently, exchange trading covers about 30% of Russia’s commodity sector, including oil, gas, petroleum products, coal, fertilizers, and timber. Artemyev believes the list should be expanded to include agricultural products, construction materials, ferrous and non-ferrous metals, and biological resources.

He emphasized that exchange-based pricing would improve transparency and strengthen tax control. For example, if off-exchange transactions are conducted below exchange prices, companies could be required to pay additional taxes.

As an example, Artemyev cited the timber market, where mandatory exchange sales of state-owned wood introduced in 2022 led to higher prices and increased tax revenues.

Since March 1, 2026, mandatory registration of off-exchange fish transactions has also been introduced. This measure is expected to reduce intermediaries and lower prices for end consumers.

According to Artemyev, maintaining around 70 benchmark commodities on exchanges would be sufficient to ensure full visibility of pricing across the country’s commodity economy.

Source: RBC.