Russian Urals crude trade exceeds EU price ceiling at $79.20 per barrel

The price of Russia’s flagship crude, Urals, exceeded the EU’s ceiling price of $60 per barrel by trading at over $79.20 per barrel last month, according to a statement by the Russian finance ministry on Wednesday.

Brent crude, meanwhile, traded at an average of $88.60 per barrel during the period between Oct. 15 and Nov. 14.

The EU and G7 countries agreed last December 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.

Last week, in another retaliatory move, the Russian government announced plans to limit the export of gasoline and diesel fuel until fuel supplies and prices stabilize on the domestic market.

• EU's ceiling price
• Russian Finance Ministry