Russian Oil Most Discounted Since 2023 on Western Sanctions

Russia’s flagship crude is selling at the deepest discount in the international marketplace in almost three years as western sanctions deter trade with Moscow.

The average discount of Urals oil from the country’s western ports ballooned to $30.62 below the global benchmark Dated Brent on Friday, according to data from Argus Media. That’s the widest discount since April 2023. The grade is now trading at just above $40 a barrel at the point of export.