Discount on Russian oil reaches one-year high

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The discount on Russian oil has sharply increased following the introduction of U.S. sanctions against "Lukoil" and "Rosneft". Discounts on Urals in the ports of the Baltic and Black Seas have reached almost $20 per barrel, which is the maximum over the past year. This is reported by "Kommersant".

In particular, the discount on Russian oil in the ports of Primorsk and Novorossiysk reached $19.4 per barrel by November 10, compared to $13-14 per barrel at the beginning of November, and $11-12 per barrel before Russian oil companies were added to the blacklist (October 22).

The maximum discount on Urals compared to Brent was observed in the second quarter of 2022 at $31.9 per barrel and in the first quarter of 2023 at $30 per barrel. In the first case, experts attribute the increase in the discount to a geopolitical shock associated with the start of the special military operation, and in the second case, to the introduction of an EU embargo on maritime supplies of raw materials from Russia.

However, at that time, the price of oil was significantly higher than current prices. In the second quarter of 2022, the price of Brent was around $104.6-122.7 per barrel, and in the first quarter of 2023, it was $83-78 per barrel. In early November 2025, Brent was trading at around $65.8 per barrel.