Russia’s Oil Plunges to $34 as US Sanctions Spark Huge Discounts

Russia’s flagship Urals crude oil slumped to about $34 a barrel in a signal that US sanctions on Moscow are having an impact.

The grade in the Baltic Sea slumped to $34.82 a barrel on Friday, while in the Black Sea it fell to $33.17, according to prices provided by Argus Media. Dated Brent, a yardstick for international prices, stood at about $61, after falling far less than Russian supplies this year.

President Donald Trump’s administration announced wide-ranging sanctions on Russia’s top two oil producers in October. While the step didn’t halt Russian flows, it did ...