MOSCOW: Russia’s Finance Ministry on Tuesday said the price of Russia’s flagship Urals crude oil blend in April was $58.63 per barrel, up from $47.85 in March.

It was still down on the price of $70.52 per barrel in April 2022, and also below the price cap of $60 per barrel imposed in December by the European Union, Group of Seven countries and Australia in order to curb Russia’s ability to finance the conflict in Ukraine.

The ministry also said that the average price of Urals was $51.05 in January-April, down from $84.68 in the same period last year.

Pakistan all set to get discounted Russian oil

Russia’s state budget assumes an average Urals price for 2023 of $70.1 per barrel.