BRUSSELS, January 15. /TASS/. The European Union will reduce the price cap on Russian oil from $47.6 to $44.1 per barrel as of February 1, 2026, according to documentation released by the European Commission.

The document stated that the current price cap of $47.6 per barrel will expire on January 31, 2026, and that the new cap of $44.1 per barrel will take effect on February 1 of this year.

On December 5, 2022, the European Union imposed an embargo on seaborne deliveries of Russian oil. The Group of Seven countries, the EU, and Australia simultaneously introduced a price cap on Russian oil transported by sea at $60 per barrel, thereby prohibiting transportation and related services for oil sold above that level. Similar restrictions on Russian petroleum products entered into force on February 5, 2023. In 2025, the oil price cap was lowered to $47.6 per barrel.