The cost of July futures for Brent crude on the London ICE Futures exchange fell 3%. The benchmark at the auction on Tuesday fell below $77 a barrel, should from site data.
As of 17:09 Moscow time, the July futures price of Brent crude oil fell 3.32% to $76.66 a barrel, dropping below $77 for the first time since March 27. June WTI futures fell 3.62% to $72.94.
On April 16, the Russian government proposed to start calculating export duties on domestic Urals export oil, taking into account not only its price, but also the cost of Brent, when limiting the amount of discounts on Russian oil, starting from June 2023.
In the second half of February, the Federation Council supported the law on limiting the Ural discount on Brent from April 1 to calculate oil taxes.
On December 5, an agreement between the European Union, the G7 countries (England, Germany, Italy, Canada, France, Japan and the USA) and Australia to raise Russian oil at $60 per barrel entered into force.