Russian Oil Price Dips 45% in Q1
The price of Russia’s flagship crude, Urals, recorded a drop of 45% year over year, official figures showed on Monday. The price decline threatens Moscow’s revenue amidst the ongoing war in Ukraine.
Russian Urals crude oil traded at $48.92 per barrel in the January-March period, down from $88.95 per barrel in the same period last year, recording an annual decline of 45%, according to a statement by the Finance Ministry.
Following the Russia-Ukraine War, Western nations imposed severe restrictions on Russia’s energy industry. On Dec. 5, the EU agreed to halt the purchase of Russia’s seaborne oil and set a cap price of $60 per barrel for the country’s crude oil exports.
On Feb. 5, a similar ban was imposed on refined petroleum products, with a price cap of $60 per barrel. Russia, however, announced that it would stop shipping oil to countries imposing a price cap and instead direct its exports to Asian markets, particularly China and India, at huge discounts. # Russian Oil Price Dips 45% in Q1