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Who Is Still Buying Putin’s Oil?

The Urals oil price reacted strongly to the oil embargo imposed by the West – Russian black gold is now available again at a c30% discount marginally below the highs from April/May 2022 (see chart 1). In addition, Russia’s oil is currently trading at a substantial discount (of 21%) to the average price of 2021, for the first time since the beginning of the war.

It seems like the oil embargo as well as a general softening of demand is beginning to bite the Russian treasury a lot.