The European Union has revised the price cap on Russian oil to $44.1 per barrel from February 1, 2026, according to the Official Journal of the EU, UNN reports.
Details
On September 2, 2022, the G7 agreed to introduce a comprehensive ban on services supporting the maritime transportation of Russian-origin crude oil and petroleum products worldwide, allowing such services to be provided only if the crude oil and petroleum products are purchased at or below a price cap set by a coalition of participating countries, consisting of G7 members and other participating countries ("Price Cap Coalition"). On October 6, 2022, the decision was supplemented, and at the same time, the EU introduced an exception to the ban.
The decision of July 18, 2025, as explained by the European Commission, set a new oil price per barrel, which came into force on September 3, 2025. This regulation also introduced an automatic and dynamic mechanism for reviewing the oil price cap. According to this mechanism, the price cap is equal to the average market price of Russian crude oil minus 15%.
The European Commission monitors Russian oil prices based on price assessments provided by authorized reporting agencies. Based on these data, the European Commission calculates the average market price of Russian oil for 22 weeks, starting from July 15, 2025, and for an equivalent period of 22 weeks every six months thereafter, and publishes notices and adopts implementing regulations.
However, if the new calculated price differs by 5% or less from the applicable price cap, the price cap remains unchanged.
The first notice of the average market price was published on January 15, 2026, and will be published every six months thereafter. Thus, the price is reviewed every six months.
The price cap of $100 for premium petroleum products, such as diesel and gasoline, and $45 for discounted petroleum products, such as fuel oil, remain unchanged.
Canada joined the reduction of the price cap on Russian oil09.08.25, 13:06