Russia’s flagship Urals crude oil blend traded at $74.00 per barrel on average in August, up from $64.37 per barrel in July, further rising above the Western-imposed price cap of $60, Russia’s Finance Ministry said on Friday.

The average Urals price in January – August reached $56.58 per barrel, down from $82.13 in the same period 2022, the ministry said.

In August 2022 it stood at $74.73 per barrel.

The price cap bans Western companies from providing services such as transportation, insurance and financing for the oil sold above the limit.
Source: Reuters (Reporting by Darya Korsunskaya; writing by Vladimir Soldatkin; editing by Guy Faulconbridge)