The average Russian oil price used to calculate taxation obligations fell to $63.52 per barrel in June, the economy ministry reported on Thursday. That represents a decline of nearly 27% compared with the $86.52 per barrel figure recorded for May.
The ministry’s release also noted that the June taxation price remained $4.50 above the level that Russia’s federal budget assumed for this year. The taxation price is the official benchmark applied in fiscal calculations related to oil.
Movements in global oil markets provide context for the swing in Russia’s taxation price. International oil benchmarks surged to levels above $100 per barrel following the onset of the Iran war in late February. Those elevated prices, however, did not hold: a fragile ceasefire established in June coincided with a sharp retreat in crude values.
International benchmark Brent crude futures fell by approximately $45 per barrel between the first and second quarters of 2026. That drop is the largest quarterly decline for Brent since 2008, when global markets experienced extreme disruption during the financial crisis, according to the ministry’s overview of market movements.
The economy ministry’s published taxation price is a direct reflection of these market swings and is used for the calculation of certain tax liabilities in Russia’s oil sector. The June figure sits above the budget assumption by $4.50, as stated by the ministry.
No additional commentary or projections were provided in the ministry’s release beyond the published taxation price and the comparison with the budget assumption. The data point for June and the quarterly performance of the Brent benchmark together illustrate the recent volatility in crude markets this year.
Clear summary: Russia’s taxation benchmark for oil fell to $63.52 per barrel in June, down nearly 27% from May’s $86.52, and remained $4.50 above the federal budget assumption. Global prices had risen above $100 per barrel after the Iran war began in late February but dropped sharply after a fragile ceasefire in June; Brent futures fell about $45 per barrel between Q1 and Q2 2026.