The average price for Russia's main crude oil export blend, Urals, reached a record level of $122.60 per barrel in March 2012, Finance Ministry analyst Alexander Sakovich said on Monday, RIA-Novosti reports.
The price of Urals oil in the first quarter of this year amounted to $117.19 per barrel, as compared with the previous year when the average price for the country's core oil stood at $109.35 per barrel.
Oil prices have been rising for several months amid an EU states' boycott of oil supplies from Iran. Oil traders are also concerned about the possibility of war with Iran as well as wider political instability in the Middle East, including the crisis in Syria.
The Russian budget is based on a Urals price of $100 per barrel in 2012, $97 in 2013 and $101 in 2014.
Russia's crude oil prices reach record $122.60 per barrel
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