Sanctions decimate Russian oil price

5 January, 11:11 PM
Russian dictator Vladimir Putin (Photo:Sputnik / Mikhail Metzel / Pool via REUTERS)

Russian dictator Vladimir Putin (Photo:Sputnik / Mikhail Metzel / Pool via REUTERS)

The average price of Russia’s Urals crude oil in December 2022 was $50.47 per barrel, which is 31% lower than in December 2021 ($72.71 per barrel) – according to a Jan. 5 report by the Russian Finance Ministry.

At the same time, the average price for Urals oil in January-December 2022 was $76.09 per barrel, and $69.0 per barrel in January-December 2021.

The EU, UK, and the United States have all banned imports of Russian crude earlier in 2022.

On Dec. 5 2022, a $60 price cap has been imposed on global maritime shipments of Russian crude, enforced by G7 countries’ decision to sanction insurance companies that would be willing to facilitate such trades in breach of the price cap.

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On Feb. 5, the EU embargo on Russian oil products will come into force, further cutting down Moscow’s foreign trade revenues.

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