Russia Says Export Price of Its Crude has Risen to Almost $60

The export price of Russian crude has risen to nearly $60 a barrel, signaling that the nation’s oil and gas revenues may grow this year, according to Deputy Finance Minister Vladimir Kolychev.

The increase also brings the value of Russian barrels close to the price cap imposed by Group of Seven industrialized nations and their partners in the European Union. Buyers of cargoes from Russia must comply with the threshold if they want to use western services such as shipping and insurance, making it more difficult to arrange shipments at a higher price.

“We have seen the Urals price ...