Moscow’s May tax revenue calculations reflect a near 60% year-on-year jump in Urals crude prices amid Middle East supply constraints.
Russia’s Urals crude price for tax purposes will average $94.87 per barrel in May, the highest since October 2023, driven by disruptions in the Strait of Hormuz. The figure marks an 18% increase from April and a 60% rise year-on-year, boosting state revenues.
The surge follows ongoing tensions in the Middle East, which have tightened global oil supplies. Urals prices now translate to nearly 7,300 rubles per barrel, up from 6,200 rubles in April and 4,600 rubles a year earlier.
The price spike underscores Russia’s position as a key beneficiary of geopolitical supply risks, with potential implications for fiscal stability and energy markets.