Russian oil price used in tax calculations down to $63.52 per barrel in June

The average Russian oil price used for taxation purposes declined in June to $63.52 per barrel, down by almost 27% from the previous month, according to the economy ministry's data published on Thursday, due to a decline in global oil prices.

In May, the price stood at $86.52 per barrel.

The price in June was still $4.5 above the level assumed in the federal budget this year.

The , which began at the end of February, drove international oil prices to well above $100 a barrel, but they have fallen sharply since a fragile ceasefire in June.

International benchmark Brent crude futures ICEEUR:BRN1! fell by around $45 a barrel between the first and second quarters of this year, the largest quarterly loss since 2008 during the financial crisis.