The price of Russia's flagship crude, Urals, recorded a drop of 38% year over year, official figures showed on Thursday.
Russian Urals crude oil traded at around $51.50 per barrel in the January–May period, down from $83.40 per barrel in the same period last year, recording an annual decline of 38%, according to a statement by the finance ministry.
The price of Urals crude oil traded at $53.30 per barrel in May.
EU member states agreed to impose a ceiling price of $60 per barrel on oil transported 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.
Reporting from Emre Gurkan Abay in Moscow
Writing by Basak Erkalan
Anadolu Agency
energy@aa.com.tr