The price of Russian Urals oil has fallen to $36.61 per barrel, the lowest level in the last 2.5 years. The situation is observed both in the Baltic Sea region and on international markets.
The fall in oil prices poses a problem for Russian oil companies, as it may lead to a decrease in tax revenues for oil producers' budgets. This will also cause changes in international demand for Russian oil due to sanctions against 'Rosneft' and 'Lukoil'. Buyers from China, India, and Turkey are already looking for alternative sources of oil supply, and prices for Urals have dropped even further following the introduction of sanctions. This may lead to the creation of new strategies and possibly even a change in geopolitical alliances in the energy sector.