Russia's Urals crude crashed over 40% to $51.61 per barrel, falling below Moscow's $59 budget threshold and fueling crypto use in oil trade settlements.

Russia's Urals crude crashed over 40% to $51.61 per barrel, falling below Moscow's $59 budget threshold and fueling crypto use in oil trade settlements.

Russian crude oil prices have fallen back to where they were before the Middle East war, with its flagship Urals averaging just $41.66 a barrel during the first three days of July.