Russia’s flagship Urals oil grade is trading at the biggest discount to global benchmark Brent since spring 2020, hit by rising tensions between Russia and the West over Ukraine, four traders in the Russian oil market said on Tuesday.
Moscow ordered troops to two breakaway regions in eastern Ukraine after recognising them as independent on Monday, accelerating a crisis the West fears could unleash a major war, despite the threat of sanctions including the blocking of a major new Russian gas pipeline.
On Monday, Urals oil cargoes loading from Baltic ports in March was offered at dated Brent minus $4.60 per barrel – the biggest discount since spring 2020.
