The price of Russia's flagship crude, Urals, posted a year-on-year decline of 42% in January, official figures showed on Wednesday.
Russian Urals crude oil traded at $49.48 per barrel in January, down from $85.64 per barrel in the same period of last year, recording an annual decline of 42%, according to a statement by the Finance Ministry.
Deputy Prime Minister Alexander Novak said earlier in January that discount on Russian oil grew in January mainly due to the rise in freight prices.
Due to the Russia-Ukraine conflict, Western countries such as the US, UK, Australia, and Canada suspended Russian crude imports, while EU countries completely cut off Russian crude supplies beginning on Dec. 5.
Several Western energy companies also halted oil trade with Russia, prompting Moscow to focus on trade in Asia, mainly India and China.
In addition to the EU's oil import ban on Russia, the Group of Seven countries imposed a price cap of $60 a barrel on Russian oil imports, AA reports