The price of Russia's flagship Urals oil in roubles has hit its lowest level since November 2020

Reuters reported this.

On January 13, the brand traded at a price about a third lower than the Russian government has assumed in its 2023 budget.

The average price of the Urals brand in January fell to 3,233 rubles per barrel, which is 32.5% lower than the price used in Russia's budget for 2023.

The price of oil in rubles is important for the budget, as well as for the establishment of the mineral extraction tax and export duty of Russia.

Photo: Reuters