"The sanctions imposed by Donald Trump on Vladimir Putin for his refusal to make concessions in the war against Ukraine have pushed the price of Russian oil down to its lowest level since March 2023. The cost of Urals crude ranged between $36.6 and $38.4 per barrel last week, according to the Argus agency, implying discounts at its ports of up to $23 compared to the Brent benchmark."
"While this is not a crushing blow that will end the invasion of Ukraine, the new U.S. sanctions are straining a budget in which the Kremlin has allocated 38% of spending to strengthen its war machinery and bolster its repressive forces in the coming years. The U.S. Treasury Department has set November 21 as the deadline to suspend purchases of crude from Rosneft and Lukoil, two Russian oil giants that sell half of the country's exported oil abroad."
U.S. sanctions on Vladimir Putin have pushed Urals crude to $36.6–$38.4 per barrel, marking the lowest prices since March 2023 and discounts up to $23 versus Brent. The Kremlin has allocated 38% of spending to military and repressive forces, increasing budgetary strain. The U.S. Treasury set a November 21 deadline to suspend purchases from Rosneft and Lukoil, risking Lukoil’s breakup and attracting bidders including ExxonMobil, Carlyle and Gulf states. Markets anticipated sanctions before implementation, with reported increases in shadow-fleet discounts and mixed changes in discounts to India and China. Major Chinese state buyers have largely halted purchases amid sanction risks.
Read at english.elpais.com
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