Russia’s flagship Urals crude oil blend traded at $83.80 per barrel on average in September, up from $74.00 per barrel in August, Russia’s Finance Ministry said on Monday, with the price remaining comfortably above a Western price cap.

The ministry also said that the Urals price averaged $59.54 per barrel in January-September 2023, down from $80.58 in the same period last year.

The Russian budget for 2023 is based on an Urals average price of $70.1 per barrel.

Urals has since July traded above the price cap of $60 per barrel imposed in December 2022 by the European Union, Group of Seven countries and Australia in order to curb Russia’s ability to finance the conflict in Ukraine.

According to the Russian Finance Ministry, the average price of North Sea Dated (Brent) reached $93.98 in September, meaning the Urals discount to the international benchmark narrowed last month to $10.9 per barrel from $12.2 in August.
Source: Reuters (Reporting by Darya Korsunskaya; writing by Vladimir Soldatkin; Editing by Kirsten Donovan)