Urals Crude Oil Price
Urals is Russia's main export crude, a medium sour blend shipped from Baltic and Black Sea ports. It is priced as a differential to Dated Brent. Since 2022 sanctions have kept Urals at a deep discount, close to $28/bbl below Dated Brent in early 2026 according to Argus and IEA data. The EU and UK price cap stands at $44.10/bbl.
There is no reliable free live Urals quote. Urals trades at a discount to Brent, so subtract the current discount (see below) from the Brent price for a rough estimate.
What Urals crude is
Urals is a blend, not the output of a single field. Russia's pipeline operator Transneft mixes heavy, high-sulfur oil from the Volga-Urals region with lighter crude from Western Siberia. Reuters loading data from 2022 put Urals at about 30° API with 1.4–1.7% sulfur, depending on the port. That makes it a medium sour crude, similar in quality to many Middle East grades and heavier than Brent.
Before 2022, European refiners were the main buyers, and Urals usually traded within a few dollars of Brent. It even reached a record $2.35/bbl premium to Brent in Northwest Europe in June 2020, when OPEC+ cuts made sour crude scarce.
Export routes
| Outlet | Location | Typical destination since 2023 |
|---|---|---|
| Primorsk | Baltic Sea | India, Turkey and other Asian and Mediterranean buyers by tanker |
| Ust-Luga | Baltic Sea | As Primorsk |
| Novorossiysk (Sheskharis terminal) | Black Sea | India, Turkey, Mediterranean |
| Druzhba pipeline | Overland to Central Europe | Limited volumes to EU countries exempt from the seaborne embargo |
The IEA's May 2026 report put Urals exports at 1.9 mb/d in April 2026, approaching pre-war levels. Russia's other export grades, such as ESPO from the Pacific port of Kozmino, are priced separately.
Why Urals trades at a discount to Brent
Quality explains only a dollar or two of the gap. The rest comes from sanctions and the cost of reaching new buyers:
- Lost buyers. The EU banned imports of seaborne Russian crude from 5 December 2022, and the US, UK, Canada and others imposed their own bans. Russian crude had to move to India, China and Turkey.
- Longer voyages and higher freight. A Baltic cargo to India travels much further than one to Rotterdam. Higher freight is deducted from the FOB price that Russian sellers receive.
- Sanctions risk. Buyers, insurers, banks and shippers demand a discount for the legal and payment risk of handling Russian oil.
- The price cap. Western shipping and insurance services may only be used if the oil is sold at or below the cap.
The G7 and EU price cap
| Date | Cap | What changed |
|---|---|---|
| 5 December 2022 | $60/bbl | G7, EU and Australia introduce the crude cap alongside the EU seaborne embargo |
| 5 February 2023 | $100 / $45 | Product caps for premium products (diesel, gasoline) and discounted products (fuel oil, naphtha) |
| 2025 | $47.60/bbl | EU 18th sanctions package lowers the crude cap; the UK aligns |
| 1 February 2026 | $44.10/bbl | First use of the EU's automatic mechanism, which sets the cap 15% below the average Urals price over the previous 22 weeks. The UK matches from 31 January 2026. |
| 23 July 2026 | $44.10/bbl | EU 21st sanctions package freezes the cap for a further 12 months instead of letting the mechanism raise it |
Sources: European Commission (15 January 2026), Baker McKenzie Sanctions News, White & Case and Kharon summaries of the 21st package. Reports before adoption said the scheduled review would otherwise have raised the cap to about $58.50.
The cap does not ban Russian oil sales. It bars EU, UK and other participating companies from providing shipping, insurance, finance and other services for cargoes sold above the cap. Much Russian oil now moves on tankers outside these jurisdictions, often called the "shadow fleet". This is why Urals has at times traded above the cap.
Urals prices and discounts in 2026
| Period | Urals FOB Primorsk | Discount to Dated Brent | Context |
|---|---|---|---|
| 9–13 February 2026 | about $44 | about $28 | Deepest discount in around three years as Indian purchases fell |
| March 2026 (average) | about $75 | $28.33 | Hormuz closure lifts all crude prices; high freight absorbs gains |
| April 2026 (average) | $96.42 | $23.94 | Demand for non-Gulf barrels narrows the discount |
Sources: Reuters and Kommersant citing Argus (February), IEA Oil Market Reports of 14 April and 13 May 2026 using Argus data. March FOB level derived from the April figure minus the IEA's reported $20.92 month-on-month gain.
The Middle East war changed Russia's position. With Gulf supply cut off, the US Treasury issued waivers in March 2026 for Russian and Iranian cargoes already at sea, and Indian imports of Russian crude rose to about 2 mb/d that month, according to the IEA. Russia also found new buyers such as Egypt. The discount narrowed, but it remained far wider than before 2022. More detail on Russian output and exports is on the Russia oil production page.
Urals vs Brent and Dubai
- Against Brent: Urals is assessed as a differential to Dated Brent, the physical North Sea price. See Dated Brent explained.
- Against Dubai: Because Urals now sells mainly to Asia, it competes with Middle East medium sour grades priced against Dubai. When Dubai is strong relative to Brent, Urals becomes more attractive to Indian refiners.
- Quality peers: Urals is close to Iraq's Basrah Medium and Saudi Arab Medium in refining value. See sweet vs sour crude for why sulfur lowers the price.
Urals oil price FAQ
What is Urals crude oil?
Urals is Russia's main export crude, a blend of heavy sour Volga-Urals oil and lighter West Siberian crude. It is a medium sour grade of about 30° API with 1.4–1.7% sulfur. It is shipped mainly from Primorsk, Ust-Luga and Novorossiysk and priced as a differential to Dated Brent.
Why is Urals cheaper than Brent?
Urals is heavier and more sulfurous than Brent, but that explains only a small part of the gap. Since 2022, sanctions, the loss of European buyers, longer voyages to India and China and higher freight and risk costs have kept Urals far below Brent, near $28/bbl in early 2026.
What is the Russian oil price cap now?
The EU and UK cap on Russian crude is $44.10 per barrel, in force since 1 February 2026. The EU's 21st sanctions package, adopted on 23 July 2026, froze it at that level for another 12 months instead of letting the automatic mechanism raise it.
Does the price cap stop Russia selling oil?
No. The cap only bars companies in participating countries from shipping, insuring or financing Russian oil sold above the cap. Russia continues to export using tankers and services outside those jurisdictions, and in April 2026 the IEA estimated Urals exports at 1.9 million barrels per day.
Where can I find the Urals price?
Urals is assessed by price reporting agencies such as Argus and Platts, which are subscription services. Free monthly averages appear in the IEA Oil Market Report. The Russian government also publishes a monthly average Urals price used for export and tax calculations. News agencies regularly report the discount to Brent.
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