EU to lower price cap on Russian oil to $44.1 per barrel

The EU will lower the price cap on Russian oil from the current level of $47.6 to $44.1 per barrel, according to the European Commission's open data.

The previous price cap will remain in effect until January 31 of this year, inclusive, according to the document.

The EU embargo on seaborne Russian oil imports has been in place since December 2022. The initial price cap was set at $60 per barrel before being lowered to $47.6 in 2025.