Russian Urals crude trade exceeds EU price ceiling at $83 per barrel

The price of Russia's flagship crude, Urals, exceeded the EU's ceiling price of $60 per barrel and traded at over $80 per barrel, official figures showed on Monday.

According to a finance ministry statement, Russian Urals crude traded at around $83 per barrel in September, relative to $64.37 per barrel in August.

Over the same period, Brent crude traded at $93.90 per barrel.

The EU and G7 countries agreed to set a cap price of $60 per barrel for oil delivered by sea from Russia in December.

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.

Reporting from Emre Gurkan Abay in Moscow

Writing by Basak Erkalan