(MENAFN) The rate of Russia's flagship crude, Urals, recorded a decrease of 42 percent in January on a yearly basis, as shown by official data issued on Wednesday.
Russian Urals crude oil sold at USD49.48 a barrel in January, declining from USD85.64 a barrel in the same period of 2022, registering a yearly fall of 42 percent, a said in an announcement by the Finance Ministry.
Deputy Premier Alexander Novak stated previously in January that reduction on Russian oil surged in January majorly because of the surge in freight costs.
Because of the Russia-Ukraine war, Western nations including the US, UK, Australia, and Canada blocked Russian crude imports, whereas EU nations entirely blocked Russian crude supplies starting from Dec. 5.
Many Western energy firms also stopped oil exchange with Russia, pressuring Moscow to concentrate on exchange with Asian nation primarily India and China.
Along with the EU's oil import block on Russia, the Group of Seven nations applied a price limit of USD60 per barrel on Russian oil shipments.
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