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Russia's crude oil price drops 40% below global benchmark
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The price of Russia’s flagship Urals crude oil took a hit following strict international bans and sold below $50 a barrel Tuesday, well below the global benchmark set by Brent Crude, which sold for $80 a barrel.
In the months following Russia’s invasion of Ukraine in 2022, Urals and Brent prices were bought for roughly the same cost with prices per barrel hovering around $95 on Feb. 21 – one day before Moscow’s launched its "special military operation."
Russia’s top export and income earner financing its war in Ukraine initially took a hit in March, dropping from $101.86 a barrel on March 7 to $74.99 a barrel by March 15, according to data by OilPrice.com.