Overview
- EU member-state representatives agreed on Wednesday to suspend the automatic adjustment of the Russian oil price cap until July 23, 2026 as a temporary measure while they finalise the 21st sanctions package.
- The cap currently sits at $44.10 per barrel and is meant to track market prices automatically so it stays about 15% below the average price for Russian crude to limit Moscow’s export revenues.
- Greece has pushed to shorten the suspension from six months to three months and to allow its LNG carriers to keep transporting Russian liquefied gas to third countries, citing the economic importance of its shipowners.
- Austria is seeking a carve-out to help Raiffeisen Bank International recoup Russia-related losses by lifting sanctions on Rasperia Trading so frozen Strabag shares could be used as compensation, a proposal most member states oppose.
- Diplomats say negotiators will resume talks next week to decide a longer-term approach to the cap and that any exemptions or loopholes could complicate enforcement, reduce pressure on Russian oil revenues, and affect Greek shippers and banks with Russia exposure.