Med crude-Urals discounts rise to record in Russian ports since 2022 amid sanction pressure

Novorossiysk Commercial Sea Port PAO

18/12/2025 20:23

MOSCOW, Dec 18 (Reuters) - Discounts for Russian Urals oil rose to record in the state's ports amid weaker demand in Asia and high freight rates amid western sanctions, Reuters calculations showed.

The European Union on Thursday imposed sanctions on 41 more ships in Russia's shadow fleet, taking the total of designated vessels to almost 600.

Britain imposed sanctions on Thursday on more Russian oil companies and Canadian-Pakistani billionaire Murtaza Lakhani as part of efforts to ramp up pressure on Moscow over the war in Ukraine.

Reuters estimates put the discount on Urals cargoes for delivery to Indian ports at about $21.50 per barrel on a free-on-board (FOB) basis from Russia's Baltic ports of Primorsk and Ust-Luga, and around $20 from Novorossiysk.

Discounts on Urals delivered to India's west coast on a delivered ex-ship (DES) basis have jumped to $7 per barrel or more, from $1–$2 in August, traders said.

Traders said that January-loading Urals oil cargoes cleared slowly, while many refiners didn't show interest as they were cautious amid existing and possible new sanctions.

PLATTS WINDOW

No bids or offers were made on Thursday for Urals, Azeri BTC and CPC Blend, traders said.

NEWS

Venezuela's state-run oil company PDVSA resumed loading crude and fuel cargoes on Wednesday after suspending operations at terminals on Sunday due to a cyberattack, although most exports remain on hold as the U.S. threatens to enforce a blockade on tankers under sanctions, according to three company sources, traders and shipping data.

 (Reporting by Reuters; Editing by Shailesh Kuber)