On 1 February 2026, the new Oil Price Cap of USD44,1 for a barrel of Russian crude oil became effective. The previous Oil Price Cap was USD47,6.
This reduced Oil Price Cap came as a result of the European Commission making a determination that the average prices for Russian crude reduced over the reference period.
Existing contracts entered before 16 January 2026 benefit from a grace period until 16 April 2026, when such existing contracts can still be executed.
The Price Caps for the Russian petroleum products which trade at premium to crude (USD100 per barrel) and at discount to crude (USD45 per barrel) remain unchanged.
For the overview of international economic sanctions with respect to the Russian crude oil and petroleum products (including the explanation of how Oil Price Cap operates), please refer to our video and news dedicated to this subject and available at the following link.