OREANDA-NEWS  Russian oil is sold much cheaper than the ceiling of $ 60 per barrel introduced by the Big Seven, Bloomberg writes, citing data from the independent price agency Argus.

According to the publication, on January 6, Urals traded in the port of Primorsk for $ 37.80 per barrel, and Brent — $ 78.57 per barrel. Bloomberg notes that such a situation on the market began to develop after the introduction of the EU embargo on Russian oil supplies by sea (effective from December 5).

Russia is forced to sell barrels at a discount to compete with supplies from the Middle East, the newspaper notes. Earlier, Kommersant wrote that the average price of the Russian Urals grade of oil in December, which, according to the Ministry of Finance, amounted to $ 50.5 per barrel, threatens the federal budget with a sharp drop in revenues.

The price of Urals crude oil has dropped sharply after the introduction of the EU embargo on Russian oil supplies by sea, as well as the price ceiling at $ 60 per barrel, which was joined by the G7 countries, the EU, Australia, Norway and Switzerland.