EU to lower Russian oil price cap in February

The European Union will reduce the maximum price for Russian oil to $44.1 per barrel starting February 1, the EU Council announced.

The price cap was first introduced by Western countries after the outbreak of war in Ukraine. It was set at $60 per barrel in 2022 and later reduced to $47.6 in 2025, Caliber.Az reports, citing the Council's website.

In response, Russia banned oil exports sold at the capped price. In December, President Vladimir Putin extended this ban until June 30, 2026.

Maritime exports of Russian oil picked up toward the end of last year after a slump in November, though levels remain below those seen in September–October 2025.

Analysts expect further adjustments in 2026 due to adverse weather conditions, stockpiling on tankers, and rising transportation costs, including shipments via the so-called shadow fleet.

By Khagan Isayev