EU to lower price cap on Russian oil from $47 to $44.10/barrel Feb 1, plans to review every six months

MOSCOW. Jan 15 (Interfax) - The European Union will lower the price cap on Russian oil above which EU companies are prohibited from being involved in its transportation and providing associated services from $47.60 per barrel to $44.10 as of February 1, a decision posted on the Council of the EU website showed.

The price cap was initially set at $60 in December 2022, but slashed to $47.60 on September 3, 2025.

The United Kingdom has joined the new price cap requirements. The corresponding announcement appeared during the day on the UK government website. "Crude oil contracts signed at the previous cap of $47.60 before 23:01 on 31 January 2026 will be subject to a wind down period; these contracts may be fulfilled provided that the oil is offloaded at the port of destination by 22:59 on 16 April 2026," the message said.

Russia prohibits the sale of oil under contracts that comply with the price cap.