Russia’s Urals Oil at Record Discount (-$37.50) Hits -$6B Daily Revenues, Testing Ukraine War Funding

January 2026 saw Urals crude average $37.50 per barrel, down 42% versus Brent at $67, according to Havers data. The discount, following October US sanctions on Rosneft and Lukoil, and India’s shift away from Russian oil, cut Moscow’s oil revenue by about $6 billion daily as India imports fell to 1.1 million barrels per day in January. The International Energy Agency reported Russian crude exports down 350,000 barrels per day in January under escalating G7 and EU sanctions. Russia’s Central Bank cut rates to 15.5% in January amid 6.3% inflation, signaling fiscal stress. Analysts warn prices could fall further this year, but Western pressure on maritime services and buyers is squeezing Putin’s war funding.