Russian Urals Traded At $49.48 in January, But The Kremlin Isn’t Worried

Russian Urals crude traded at $49.48 per barrel in January, with rising transportation costs compounding a discount that has seen the country’s flagship crude price drop by 42% year-on-year, according to Russian Finance Ministry figures cited by Turkey’s Anadolu Agency.  Official figures released on Wednesday showed a drastic decline from $85.64 in January 2021 to this year’s price of under $49.5 per barrel, Anadolu Agency reported.  While slightly different from the Russian Finance Ministry figures, Platts (part of…