EU to lower price cap on Russian oil in February

According to Ukrinform, the announcement was published in the EU's official journal on Thursday, January 15.

It is noted that the price cap on Russian oil was first set on December 5, 2022. At that time, it was $60 per barrel.

However, last year, the European Union lowered this cap to $47.6 per barrel.

Starting February 1 this year, the price cap on Russian oil will be lowered again. This time, the price will be reduced to $ 44.10 per barrel.

The transition period with a price of $47.6 per barrel for Russian oil will remain in effect until April 16, 2026, for the fulfillment of any contract concluded before February 1.

“That transition period is necessary to ensure the consistent implementation of the price cap by all operators,” the document says.

As reported by Ukrinform, on July 18, 2025, the European Union approved its 18th package of sanctions against the Russian Federation, described as “one of the toughest” at the time.

In that sanctions package, the maximum price for Russian oil was reduced from $60 to $47.6, and an automatic and dynamic mechanism for setting future price limits was introduced.

Illustrative photo: Ukrnafta