As of March 2026, the G7 and EU maintain a price cap on Russian sea-borne crude oil and petroleum products to restrict Moscow's war funding while keeping global energy flowing. The mechanism, updated in 2026, sets the cap at 15% lower than the average market price
As of February 1, 2026, a new dynamic price cap mechanism for Russian crude oil will be implemented, setting the cap at $44.10 per barrel. This cap is designed to ensure it remains 15% below the average market price of Urals crude oil, which is recalculated every 22 weeks. The mechanism aims to constrain Russia's energy revenues while maintaining market stability and is subject to regular review by the EU Commission.