Russia Tensed As Ural Oil Price Drops To $50 Per Barrel, Closely Monitoring 'Extremely Turbulent' Situation Amid Tariff War

Moscow: Russia is closely monitoring global developments following the imposition of reciprocal tariffs by US President Donald Trump on partner trading nations. These tariffs have sent shockwaves across the world, raising the possibility of trade wars between nations and causing stock markets to tumble.

"The current market situation is tense, extremely turbulent, and emotionally charged," said Kremlin spokesman Dmitry Peskov, as the world assesses the impact of Trump’s tariffs. China has already retaliated with 34% duties on the United States, and other nations are considering similar measures to counter Trump’s tactics.

The ongoing trade war has dampened global sentiment, with one immediate impact being a drop in global oil prices. Oil prices, which were around $74 per barrel, have fallen to $60. If this trend continues, it could severely impact Russia’s economy, which heavily relies on oil revenues.

Speaking on the situation, Dmitry Peskov stated, “Of course, this indicator is very important for filling the budget. Our authorities are very closely monitoring the situation, which is currently extremely turbulent, tense, and emotionally charged. We aim to take measures to minimise the consequences of this economic storm."

Russia's Ural oil price drops to $50 per barrel 

According to Bloomberg, Russia’s Ural oil was trading as low as $52 per barrel in the Baltic Sea on Friday and dropped further to nearly $50 per barrel on Monday. This situation is emerging as tense and worrisome for the Russian economy, which is already occupied in a war with Ukraine.

Not only Russian oil but also WTI crude (Texas Crude), referred to as American Oil, was trading at a low of $60 per barrel, while Brent Crude prices fell to $64 per barrel.

As the global crisis looms, Donald Trump has shown no signs of backing down and has urged the country to stay strong.

Trump says won't step back, relent on reciprocal tariffs

While imposing reciprocal tariffs on 133 nations—nearly all of the United States’ trading partners—Trump described his move as a declaration of America’s economic independence. He made it clear that the US would treat its trading partners the same way they have been treating America. However, the US President has not levied any reciprocal tariffs on Russia.