Russian Oil Hits Deepest Discount Since 2023 Amid Western Sanctions

• Russia's flagship Urals crude is selling at its deepest discount in almost three years due to Western sanctions.
• The average discount of Urals oil reached $30.62 below Dated Brent on Friday, the widest since April 2023.
• The discounted barrels highlight the impact of Western sanctions, particularly those imposed by the US.
• Lower oil prices mean reduced income for Russia, impacting tax contributions to the Kremlin's coffers.
• The US doubled tariffs to 50% on India for purchasing Urals last year and blacklisted Rosneft PJSC and Lukoil PJSC.