EU lowers price cap for Russian oil to $44,1 from 1 February

The European Union has once again lowered the price cap on Russian oil that is permitted for use within the EU.

The Implementing Regulation published on the European Commission's website states that a price of US$47.6 per barrel will apply until 31 January, while from 1 February the cap is to be reduced to US$44.1 per barrel.

Nevertheless, a transitional period will remain in place until 16 April 2026, allowing payments of US$47.6 per barrel under contracts concluded before 1 February 2026.

The restrictions were introduced against the backdrop of Russia's ongoing invasion of Ukraine.

From 3 September 2025, the price cap on Russian oil was set at USD$47.6 per barrel, down from the previous US$60.

The United Kingdom is considering plans to use oil seized from vessels belonging to Russia's shadow fleet to finance military support for Ukraine.

The EU plans to approve its 20th package of sanctions against Russia by the anniversary of the full-scale invasion.