russia began selling oil to India for $22-25

This was reported by the Financial Times, citing a former top manager in the energy sector.

According to the russian Ministry of Economic Development, the average export price of Urals crude fell to $39 in December, the lowest since the pandemic began.

In January, prices were even lower, at $34-36 in the middle of the month and $36-38 at the end. Discounts on russian oil exceeded $25 per barrel. But for some batches, they reached almost $40 per barrel.

‘If they (the US) tighten sanctions, the only way we will be able to sell oil is through pipelines,’ a source told the publication.

With the exception of the pandemic period in 2020, russia sold oil at $22-25 per barrel in 2003.

If current prices for russian oil and the ruble exchange rate remain unchanged, the budget will lose about 3 trillion rubles in oil and gas revenues, the FT writes, citing estimates by russia's Alfa Bank.

Source: Economic Pravda, Financial Times