The EU has decided to lower the price ceiling for Russian oil.

The European Union will lower the price ceiling for Russian oil to $44.1 per barrel from February 1, according to a decision by the EU Council.

The $60 limit was introduced at the end of 2022, and was lowered to $47.60 in early autumn 2025. It will remain in effect until January 31.

Western countries have decided to impose a price cap on Russian crude oil due to the ongoing military conflict in Ukraine . In February 2023, restrictions on petroleum products came into effect: $100 per barrel for diesel fuel (since it is sold at a premium compared to crude oil) and $45 per barrel for fuel oil, which is sold at a discount.

Russia imposed retaliatory measures and banned the export of oil and petroleum products under contracts whose terms were subject to the oil price ceiling. The ban has been extended several times, most recently until June 30, 2026. According to Deputy Prime Minister Alexander Novak, the price ceilings are disadvantageous to the EU itself and have no impact on Russian crude supply volumes: "I can assume that when the $60 ceiling was set, it had no impact. This means that even if it were set at zero, it would still have no impact."

In DecemberREUTERS reported that the G7 and the European Union are discussing the idea of ​​replacing the price cap with a complete ban on seaborne transportation of Russian oil. Previously, the EU considered an initiative that would automatically adjust the price cap every three months, depending on the market price of oil.

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