Russian Urals crude price exceeds EU and G7 price cap in July

The price of Russia’s flagship crude, Urals, traded at $64.37, exceeding the EU’s ceiling price of $60 per barrel, official figures showed on Tuesday.

According to a finance ministry statement, Russian Urals crude traded at around $53.94 per barrel in the January-July period.

However, this price exceeded the price limits set by the EU and G7 countries in July, when the price of Urals crude hit $64.37 per barrel.

In December, the participating countries agreed to set a cap price of $60 per barrel for oil delivered by sea from Russia.

On Feb. 5, a similar ban was imposed on refined petroleum products, with a price cap of $60 per barrel.

Russia, however, announced that it would stop shipping oil to countries imposing a price cap and instead direct its exports to Asian markets, particularly China and India, at huge discounts.

Reporting from Emre Gurkan Abay in Moscow

• Crude
• EU
• Russia