The Clock Has Ticked on Putin’s War Economy
Below $70
As of April 23, 2025, West Texas Intermediate (WTI) crude has traded below $70 per barrel on 37 days this year — with 13 of those days spent under $65. This matters. Every day WTI stays low, Russian Urals crude — which consistently trades at a discount — falls with it. And each time that happens, Vladimir Putin has to cover the shortfall with his emergency reserves.
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