The discount on Russian Urals crude compared to Brent reached a one-year high of 19.40 dollars per barrel at the ports of Primorsk and Novorossiysk on 10 November, according to Russian newspaper Kommersant, which cited industry sources. Urals serves as Russia’s benchmark crude, while Brent is the global reference.

Earlier this month, the discount hovered around 13-14 dollars per barrel. Kommersant attributed the sharp rise in the price gap to new U.S. sanctions targeting Russian energy giants Lukoil and Rosneft. Analysts noted that the Urals-Brent spread had previously peaked at 31.90 dollars per barrel in the second quarter of 2022 and 30 dollars per barrel in the first quarter of 2023, though oil prices were significantly higher at that time. Brent crude was priced at approximately USD 65.80 per tonne in early November.

Russian oil last traded at discounts exceeding USD 15 per barrel at the start of 2025, following U.S. sanctions on Gazprom Neft, Surgutneftegaz, and over 180 vessels. Analysts observed that it took roughly three weeks for the market to stabilize and for discounts to begin narrowing.

Meanwhile, Moscow’s main buyers, India and China, are reportedly cutting back on Russian crude amid the latest sanctions. Bloomberg reported that five major Indian refineries had not placed orders for Russian oil for December.

The sanctions have also prompted Türkiye’s largest refineries to increase purchases of non-Russian oil. Early November saw a sharp drop in Russia’s seaborne crude exports, the steepest decline since January 2024, as buyers reacted to the new U.S. measures by refraining from purchases.