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Russia expects discount on Russian oil to go down — Novak

"I am confident that the discount will go down as the chain gets settled (while the market) calms down," the Russian deputy prime minister added

MOSCOW, January 31. /TASS/. The growth of discount on Russia’s Urals oil to Brent is related to the latest package of EU sanctions, Russian Deputy Prime Minister Alexander Novak said, adding that the difference between the prices of Russian oil and the benchmark will start going down again soon.

"We have already had two surges in the discount growth - in 2022 and at the beginning of last year. Now it is related to the package of sanctions that were imposed late last year. This is the market and its participants’ natural reaction to ensure their risks," he told reporters.

"I am confident that the discount will go down as the chain gets settled (while the market) calms down," Novak added.

On December 18, 2023, the EU approved the 12th package of anti-Russia sanctions over the special military operation in Ukraine. New restrictions cover 61 individuals and 86 companies and organizations.

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Alexander Novak

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