Investing.com -- The average Russian oil price used for taxation purposes fell to $63.52 per barrel in June, down nearly 27% from May, according to data published by the economy ministry on Thursday.

The ministry reported that the taxation price stood at $86.52 per barrel in May. The June figure remained $4.50 above the level assumed in Russia's federal budget for this year.

Global oil prices surged above $100 per barrel following the start of the Iran war in late February. Prices have since dropped sharply after a fragile ceasefire was established in June.

International benchmark Brent crude futures fell by approximately $45 per barrel between the first and second quarters of 2026, marking the largest quarterly decline since 2008 during the financial crisis.