The European Union reported a reduction in the price of Russian oil to $44.1 per barrel from February 1, 2026.
This is reported by the Council of the EU.
The cap mechanism prohibits the provision of transport, insurance and financial services for Russian oil supplies if its price exceeds a set limit. The ceiling will be reviewed at least twice a year.
The new price will be calculated using the average market price for the past three months minus 15%. This decision is part of a long-standing policy of restricting Western countries from purchasing Russian oil, which is intended to reduce Russiaʼs revenues from energy exports.
Experts say Russia could be undercutting prices or using a shadow fleet — older tankers registered in countries with lax shipping rules, such as Panama or Liberia. Such vessels are not always subject to strict controls, allowing Moscow to circumvent restrictions.
The history of restrictions on the price of Russian oil began in December 2022, when the G7 countries, as well as Australia and the EU, set a maximum price for Russian oil at $60 per barrel. In February 2023, separate restrictions were introduced on petroleum products: $100 per barrel for diesel and $45 for lubricants.
On July 18, 2025, the EU adopted the 18th package of sanctions against Russia. According to it, the maximum price for Russian oil was reduced from $60 to $47.6 per barrel. The decision came into effect on September 3, 2025.
In September 2025, Canada also lowered its price ceiling on Russian oil by 12%, aligning its sanctions with its allies and increasing economic pressure on Moscow. Britain joined in.
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