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flag U.S. Nov. 2025 sanctions on Russian oil end-users cut Urals crude prices to $36.61 and may reduce Russia’s oil/gas revenue by 35%.

flag U.S. sanctions on Russian oil, effective November 2025, target end-users rather than just price caps, driving Urals crude prices down to $36.61 a barrel and potentially cutting Russia’s oil and gas revenues by 35% compared to last year. flag While Russia has adapted using shadow fleets, the measures may strain its war economy, already facing stagflation and military spending consuming 40% of its budget. flag China and India have increased purchases of discounted Russian oil, with India’s share rising to nearly 36%. flag A peace deal, especially one backed by Putin, could lead to sanctions being lifted, while a broader bipartisan bill imposing 500% tariffs on trading nations remains stalled. flag The sanctions’ long-term impact depends on enforcement and diplomatic developments.

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