EU lowers price cap on Russian oil from $47.6 to $44.1 per barrel on February 1

01/15/2026

The price limit for Russian oil, which prevents EU companies from taking part in transporting the oil or providing related services, will be reduced from $47.6 per barrel to $44.1 per barrel starting on February 1.

EU lowers price cap on Russian oil from $47.6 to $44.1 per barrel on February 1

This decision was made public on the EU Council's official website.

The price cap was first set at $60 in December 2022 and later lowered to $47.6 per barrel on September 3, 2025.

Russia is not allowed to sell its oil under this price cap.

source: reuters.com