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Russia’s Flagship Oil Is Trading at Half Global Prices With Tiny Pool of Buyers

  • Urals crude oil traded at about $38 a barrel on Friday
  • European ban made Russia increasingly reliant on China, India

Russia’s flagship oil is selling at less than half international prices — and way below a Group of Seven imposed cap — following sanctions targeting the Kremlin’s revenue from petroleum sales.

The nation’s Urals grade, a far bigger export stream than any other crude that Russia sells, was $37.80 a barrel at the Baltic Sea port of Primorsk on Friday, according to data provided by Argus Media. Global benchmark Brent settled at $78.57 on the same day.