Russian Oil Price at Highest Since 2023 Boosts Kremlin Windfall

Russia is getting a further boost from the Iran war as the price for its flagship Urals oil export blend reached the highest since October 2023 for tax purposes this month.

The finance ministry will calculate taxes for oil producers in May based on an average Urals price of $94.87 a barrel and an exchange rate of 76.938 rubles per US dollar, according to the nation’s tax service. That amounts to nearly 7,300 rubles per barrel, a 18% increase from the previous month and a 60% jump from a year ago.