The EU Considers Freezing The Ceiling On Russian Oil Prices
- 31.05.2026, 14:43
Against the background of growth of world quotations.
The European Union is considering temporarily freezing the price ceiling for Russian oil amid a rise in global quotations caused by the conflict in the Middle East, which has been going on for the fourth month, Bloomberg reported, citing knowledgeable sources. The current ceiling is $44.10 per barrel and was scheduled to be revised at the end of the summer. However, as the agency notes, one of the scenarios under discussion is to keep the ceiling at the current mark. Earlier, the EU introduced a mechanism that provides for automatic adjustment of the ceiling price every six months - at a level 15% below the average market price of Russian Urals crude. Under the current ceiling, European companies are prohibited from providing insurance and transportation services for oil sold above the established threshold.
According to Bloomberg's interlocutors, due to the war with Iran and the actual closure of the Strait of Hormuz, oil quotations have risen sharply. In these circumstances, the planned revision in July would probably lead to an increase in the ceiling to at least $65 per barrel, which is higher than the previous level of $60 agreed by the G7 countries. The agency's sources note that among the options under consideration are not only freezing the current level, but also suspending the automatic mechanism for revising the price ceiling until the end of the year amid the situation in the Middle East, as well as limiting the possible increase to $60, corresponding to the previous G7 threshold.
As Bloomberg writes, this step could be part of the 21st package of EU sanctions against Russia. The EU expects to present the new measures in early June. Last week, the ambassadors of the bloc's member states were already briefed on them.
The additional measures include tougher restrictions on banks, oil traders, refineries and crypto-operators in third countries, which, according to the EU, are used by Moscow to circumvent sanctions. It is also planned to include in the sanctions lists about 20 new tankers of the so-called "shadow fleet," which plays a key role in Russian oil exports. In the future, restrictions may be extended to ships carrying liquefied natural gas. In addition, measures are being considered against ships providing services to such tankers.
At the same time, according to Bloomberg, the new sanctions package is unlikely to include a complete ban on maritime transportation: a number of member states continue to oppose the measure due to the unstable situation in the Middle East.
The main goal of the new restrictions, according to sources, remains further pressure on Russia's energy revenues and its financial sector. The sanctions package requires the agreement of all EU countries to pass, so its parameters are still subject to change. In particular, maritime powers such as Greece have traditionally been skeptical about revising price mechanisms, while other countries are focusing on protecting their own energy and trade interests.
Additional proposals include imposing trade restrictions on certain types of critical minerals, metals and ores used in the Russian aerospace industry and drone production, as well as on electronic suppression technologies. In addition, the EU is considering expanding export controls on about two dozen companies, including firms from China, India, Turkey, and Central Asian countries that allegedly continue to supply Russia with restricted goods used in weapons production.
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