EU lowers price cap for Russian oil

Volodymyr Tunik-Fryz - 15 January, 09:32

EU flags. Photo: Getty Images

The European Union has once again lowered the price cap on Russian oil that is permitted for use within the EU.

Source: an Implementing Regulation published on the European Commission's website

Details: The document states that a price of US$47.6 per barrel will apply until 31 January, while from 1 February the cap is to be reduced to US$44.1 per barrel.

Nevertheless, a transitional period will remain in place until 16 April 2026, allowing payments of US$47.6 per barrel under contracts concluded before 1 February 2026.

The restrictions were introduced against the backdrop of Russia's ongoing invasion of Ukraine.

Background: From 3 September 2025, the price cap on Russian oil was set at USD$47.6 per barrel, down from the previous US$60.

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