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The average price of Russian oil fell by 24% in March, compared to the budgeted target.

The average price of Russian oil fell by 24% in March, compared to the budgeted target.

Calculations show that the price of Russia's oil mix in roubles is currently on average 24% lower than the budgeted level for 2025, due to the strengthening currency and the weakening global oil prices.

This drop in spending will put more pressure on the budget already under strain due to high military expenditure.

Since the middle of January, the rouble has been rising amid hopes for a resolution to the conflict in Ukraine.

The average rate of 87.4 roubles per $1 has been averaging 87.4 so far this year, down from 92.9 roubles last month.

When calculating the average tax rate for Russia's oil mix, Russia uses a basket that includes Urals and ESPO Blend crudes.

The price of Russia’s Urals crude, which is the country's most popular oil, has fallen to $58.14 a barrel from $61.69 a barrel in February.

Calculations show that the Urals price could average 4,975 roubles a barrel in March. This is 26% lower than the 6,726 projected roubles in the federal budget, and 14% less than the 5,733 roubles in February.

(source: Reuters)