The European Union is considering keeping the price ceiling for Russian oil at $44.10 per barrel instead of its planned revision in the summer. This is reported by Bloomberg with reference to sources.
According to the agency, due to the war in the Middle East and disruptions in shipping through the Strait of Hormuz, global oil prices have risen. In such circumstances, an automatic revision of the mechanism could lead to an increase in the ceiling to about $65 per barrel – above the previous level of $60 agreed by the G7 countries.
Among the options under discussion are maintaining the current level until the end of the year or limiting a possible increase to $60 a barrel. These measures may be included in the 21st package of EU sanctions against Russia, which is planned to be presented in early June.
In addition, Brussels is discussing new restrictions against banks, oil traders, crypto-operators and companies from third countries, which, according to the EU, help Moscow circumvent the sanctions. Also under the restrictions may fall about 20 ships of the “shadow fleet”, which is used to export Russian oil to circumvent sanctions.
Representatives of the European Commission declined to comment.
Western nations have decided to cap the price of Russian crude oil because of Russia’s full-scale war against Ukraine. Initially, the price ceiling was set at $60 per barrel in December 2022, from September 2025 it was lowered to $47.6.
On 1 February, the EU lowered the price ceiling for Russian oil from 47.6 to 44.1 dollars per barrel.