The European Union has decided not to include a total ban on Russian oil imports or a prohibition on maritime services related to its transport in the upcoming 21st sanctions package. European diplomats indicate that there is currently insufficient support among member states for such stringent measures.
Instead, negotiations are centered on refining the existing price cap mechanism. According to reports from Politico, EU nations are considering maintaining the current price ceiling rather than imposing new restrictions on trade and shipping.
Since 2025, the EU has employed a policy where the maximum permissible price for Russian Urals crude is automatically set at 15 percent below the average market price, subject to review every six months. European firms are prohibited from insuring or transporting Russian oil sold above this threshold.
However, the mechanism faces challenges due to surging global oil prices, exacerbated by the crisis in the Middle East and the effective closure of the Strait of Hormuz. As reported by Bloomberg, Brussels is evaluating a temporary freeze on the price cap to prevent an automatic upward adjustment.
The current cap stands at $44.10 per barrel. If the existing formula were applied under current market conditions, the upcoming summer review could push the limit to approximately $65 per barrel, a move that would significantly weaken the impact of sanctions on Russian oil exports.
