EU Cuts Price “Ceiling” on Russian Oil to $47.6 per Barrel
Starting today, the EU has lowered the price cap on Russian oil to $47.6 per barrel, down from $60, as part of the 18th sanctions package to curb Russia’s revenues while keeping global energy markets stable.
This was announced by the head of the Office of the President of Ukraine, Andriy Yermak.
New restrictions on Russian oil supplies came into effect on September 3. The price “ceiling” sets the maximum amount at which EU countries can purchase oil from Russia. The measure was introduced to reduce the financial revenues that Russia uses to fund its war in Ukraine.
“A new ceiling for Russian oil prices has come into effect today. The limit is now $47.6 per barrel instead of the previous $60. This decision was made earlier as part of the 18th package of EU sanctions against the Russian Federation,” Yermak said.
The previous ceiling for Russian oil was set at $60 per barrel. Lowering this limit is intended to further restrict Russia’s profits while preventing a sharp spike in global oil prices.
The sanctions package includes coordination with importing countries and international companies to ensure effective implementation of the limit. Additionally, the EU monitors the transportation of Russian oil by sea, and violations of the rules can lead to sanctions against carriers and companies involved in the trade.
It was previously reported that the European Union will begin applying a dynamic price ceiling for Russian oil from September 3, 2025. The corresponding formula was defined within the framework of the 18th package of sanctions against the Russian Federation.
The day before, the European Union postponed a plan to lower the price ceiling for Russian oil, given the risk of rising energy prices due to the conflict in the Middle East.
It is worth adding that the Russian federal budget in August received about 35% less oil and gas revenues compared to August last year.
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