U.S.-led sanctions designed to throttle Moscow’s fossil-fuel income face a new challenge: a big jump in the price Russia gets for its oil.
Booming demand in India and China has pushed the price of Urals crude, Russia’s main grade of oil, up to about $55 a barrel from a daily low of $35 in January, according to commodities-data firm Argus Media. The rally contrasts with a retreat in broader oil markets driven by weakening demand in the U.S. and Europe as economies there slow.
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