MOSCOW: The price of the Russian flagship Urals oil blend calculated in roubles has declined to a two-year low this month, tracking global oil prices, Reuters calculations showed on Friday.

This was despite the rouble weakening this month due to the impact of an oil embargo and price cap.

According to Reuters calculations, average Urals price in roubles fell this month to 3,490 roubles, 22% below the level, which had been used to outline the 2022 state budget, which is 4,485 roubles per barrel ($62.2 per barrel under the expected rate of 72.1 roubles per $1).

Volatile rouble falls again, cutting short slight recovery

However, the average Urals price from the start of the year, stood at 5,450 roubles per barrel, almost 22% above the budgeted price, thanks to high oil prices and a relatively weak rouble.

Oil and gas exports are forecast to account for 42% of Russia’s revenues this year at 11.7 trillion roubles, according to the country’s finance ministry, up from 36%, or 9.1 trillion roubles in 2021.