"The average price of Urals oil from June 15 to July 14, 2023, was $58.03 per barrel, or $423.6 per tonne. North Sea Dated oil price for this period amounted to $76.05," the Ministry said on Telegram.
Russia is increasing duty on oil exports by $1.3 to $16.9 from August 1, the ministry added.
Previously, the G7 imposed a cap on prices to cut Russia's oil profits at $60 per barrel. However, on July 12, the market price of Urals oil broke through the artificial limitation set by Western powers reaching $63.22 per barrel.
Furthermore, Russian oil production remains steady despite Western sanctions, according to an International Energy Agency report published on July 13.