The price of Russian crude oil fell to its lowest level since the Russian-Ukrainian conflict began, as Western sanctions increased the discount the country's oil industry needed to provide, while benchmark crude futures plummeted. According to Argus Media data, the average price of crude oil shipped by Russian oil exporters from the Baltic Sea, the Black Sea and the eastern port of Kozmino is slightly above $40 per barrel. This is 28% lower than in the past three months, and recent sanctions against oil giants Rosneft and Lukoil have further increased the discount. Western countries are putting increasing pressure on Russian oil trade, making it increasingly difficult to sell and transport Russian oil, and related measures also target refineries of major buyers such as India. Furthermore, the global benchmark crude oil price is also falling. Brent crude oil fell below $60 per barrel on Tuesday, the first time since May.

The price of Russian crude oil fell to its lowest level since the Russian-Ukrainian conflict began, as Western sanctions increased the discount the country's oil industry needed to provide, while benchmark crude futures plummeted. According to Argus Media data, the average price of crude oil shipped by Russian oil exporters from the Baltic Sea, the Black Sea and the eastern port of Kozmino is slightly above $40 per barrel. This is 28% lower than in the past three months, and recent sanctions against oil giants Rosneft and Lukoil have further increased the discount. Western countries are putting increasing pressure on Russian oil trade, making it increasingly difficult to sell and transport Russian oil, and related measures also target refineries of major buyers such as India. Furthermore, the global benchmark crude oil price is also falling. Brent crude oil fell below $60 per barrel on Tuesday, the first time since May.