EU cuts Russian oil price cap to $47.60 - Now in effect

The European Union, as part of its 18th sanctions package against Russia, has lowered the price cap on Russian oil from $60 to $47.6 per barrel as the decision came into effect on September 3, the official website of the European Union, Report informs via RBC-Ukraine.

A transition period has been set until October 18, 2025, for the fulfillment of any contracts concluded before July 20, 2025, which were based on a $60-per-barrel price at the time of signing.

On July 18, EU member states approved the new sanctions package against Moscow, including a cap on the minimum price for Russian oil.