European Council confirms extension of existing price cap for Russian oil until July 15, 2027

BRUSSELS. July 24 (Interfax) - The EU has confirmed that the automatic adjustment of the price cap for Russian oil will be paused until July 15, 2027, and it will thus remain unchanged until then, a statement by the European Council reads.

"Today's package pauses the automatic adjustment of the oil price cap mechanism until 15 July 2027," it says in the statement published on Thursday.

Bloomberg has reported that the EU Permanent Representatives agreed to keep the current price cap in effect for another 12 months.

As part of the discussions on the EU's 21st package of sanctions against Russia, which was supposed to extend the freezing of the Russian oil price cap, the Permanent Representatives previously agreed to keep the price cap at $44.1 per barrel until Thursday, July 23.