A reduction of the price cap on Russian oil to $45 and the introduction of secondary sanctions against shipowners and oil traders could shut down Russia’s remaining paths to bypass sanctions, The Moscow Times reports. Tatyana Mitrova, a research fellow at Columbia University’s Center for Global Energy Policy, told journalists that such a low ceiling would significantly tighten conditions for Russian exporters. This could lead to the discount on Russian oil widening to $20 below Brent, especially if traders and shipowners begin refusing Russian shipments over fears of secondary sanctions and insurance issues. The Russian Urals crude blend is sold at a discount to Brent due to its higher sulfur content and heavier composition, which make it harder to refine. Urals is Russia’s main export benchmark. Before the full-scale invasion of Ukraine, it typically traded $2–4 below Brent. After the invasion, the gap widened sharply, peaking at $30 in March 2022.