The European Union is studying the possibility of temporarily freezing the price ceiling for Russian oil against the backdrop of rising global energy prices due to the war in the Middle East. This was reported by Bloomberg, citing sources.
The European Union and the G7 imposed maximum limits on Russian oil prices in response to the Russian war against Ukraine. The price ceiling was supposed to reduce Russian budget revenues from oil exports without provoking a crisis in the energy market.
Initially, the price ceiling was set at $60 per barrel. Prices are adjusted automatically, and the ceiling must be 15% lower than the average market price of Russian oil. As of February 1, 2026, the European Union reduced the price to $44.1 per barrel.
But due to rising oil prices linked to the war in the Middle East and the closure of the Strait of Hormuz, the next automatic review of the ceiling could see it increase to at least $65 per barrel.
The European Union is now considering several options – keeping the ceiling at the current level ($44.1), suspending the automatic increase until the end of the year, or limiting the increase to $60.
Urals oil recently traded at $85-86 per barrel. In early April, amid the war in the Middle East, its value exceeded $110.
At the beginning of December 2025, it was reported that the G7 countries and the European Union were discussing a proposal for a complete ban on the provision of sea transport services, instead of a ceiling on the price of Russian oil. Thus, they want to stop the participation of Western shipping companies, especially from Greece, Cyprus and Malta, in the export of Russian oil.