Russian Urals Oil Trades with Nearly Record Discounts Since 2022 in India

Russian February Urals crude oil cargoes traded at close to the widest discounts against dated Brent in Indian ports since 2022 amid intensified pressure from Western sanctions, two sources said, Reuters reported.

US Treasury Secretary Scott Bessent on Friday signaled the potential removal of the additional 25% tariffs on India following a sharp reduction in Indian imports of Russian oil.

Urals oil cargoes to be supplied in February traded at discounts of $10 per barrel to dated Brent for delivery in Indian ports, a $3–$5 per barrel increase from estimates for cargoes loading in the autumn months last year and close to the widest discount on record, the two sources said.

Late in 2025, the US imposed its toughest sanctions on Russia's energy sector, targeting oil majors Lukoil and Rosneft.

It had also placed 25% extra import tariffs on Indian goods, a move it linked to New Delhi's continued imports of Russian oil. US Treasury Secretary Scott Bessent on Friday signaled the potential removal of the additional 25% tariffs on India following a sharp reduction in Indian imports of Russian oil.