Overview
- The change was published in the EU’s official journal on January 15, 2026.
- Contracts concluded before February 1 can be executed under the prior $47.6 cap until April 16, 2026.
- EU documents say the transition window is necessary to ensure consistent implementation by market operators.
- The price-cap regime began on December 5, 2022 with a $60 per barrel limit on Russian seaborne oil.
- The EU’s 18th sanctions package on July 18, 2025 reduced the cap to $47.6 and established an automatic, dynamic mechanism for future adjustments.