The European Union will reduce the price cap on Russian crude oil from $47.6 to $44.1 per barrel as of February 1, 2026, according to documentation released by the European Commission.
The new level will apply from Feb. 1, 2026, replacing a $47.6-per-barrel cap that has been in force since Sept. 3, 2025.
It is noted that the price cap on Russian oil was first set on December 5, 2022. At that time, it was $60 per barrel.
The transition period with a price of $47.6 per barrel for Russian oil will remain in effect until April 16, 2026, for the execution of any contract concluded before 1 February 2026.
“That transition period is necessary to ensure the consistent implementation of the price cap by all operators,” the document says.
The new price cap for Russian crude oil is $44,10 per barrel, effective 1 February. Starting 15 January, old contracts concluded under the previous price cap can be executed for 90 days.
The price cap will be subject to regular review every six months by the European Commission, although extraordinary reviews are possible where duly justified by developments in the oil markets or other unforeseen circumstances.
The Commission is in regular contact with EU member states, as well as with international partners, to ensure close coordination on the measures.
The G7 Oil Price Cap Coalition established an oil price cap mechanism on Russian seaborne crude oil and petroleum products in 2022.
EU operators are only allowed to provide maritime transport and related services for Russian crude oil and petroleum products if sold at or below the relevant price caps.
This mechanism was specifically designed to put further pressure on Russia’s oil revenues, while keeping global energy markets stable through continued supplies.
