Bloomberg: The EU may temporarily lift the price cap on Russian oil.
In the European Union, discussions are underway regarding the adjustment of the existing sanctions mechanism related to price caps on oil. A temporary freeze of the price cap on Russian oil is being considered against the backdrop of rising global prices, Bloomberg reports, citing sources. Changes may affect the procedure for reviewing the price limit, which has been in place considering market dynamics. According to the agency, the rise in energy prices is linked to the escalation of the situation in the Middle East, including the conflict surrounding Iran and the closure of the Strait of Hormuz. If the current formula remains, the next review could lead to an increase in the cap. Currently, the cap is set at $44.10 per barrel. Its review is scheduled for summer and occurs every six months based on a formula that assumes a level 15% below the average market price of Urals oil. Within this mechanism, restrictions also prohibit European companies from providing insurance and transportation services for oil above the established threshold. Among the options being discussed is a temporary fixation of the limit at the current level. A suspension of the automatic mechanism until the end of the year or a limitation of possible increases to the level of $60, agreed upon by the G7 countries, is also being considered. Earlier, Bloomberg reported that Russia's oil revenue had risen to record levels since March 2022 amid the escalation of the conflict in the Middle East. For example, Russian Urals oil was trading at $106 per barrel on March 20—almost 70% higher than the budgeted price of $59. Experts believe that if this situation persists, the budget could receive an additional up to 3.5 trillion rubles, which would significantly cover the deficit planned for this year.
More news on the event:
The EU may temporarily freeze the price cap on Russian oil
The European Union is exploring the possibility of temporarily abandoning the existing price cap mechanism on Russian oil amid the escalation of the conflict surrounding Iran. 14:01 31.05.2026 IA Tatar-inform - Kazan
Bloomberg: The EU may temporarily lift the price cap on Russian oil
In the European Union, discussions are underway regarding the adjustment of the existing sanctions mechanism related to price caps on oil. 12:43 31.05.2026 Business Online - Kazan
News from neighboring regions on the topic:
Bloomberg: The EU may temporarily lift the price limit on Russian oil
Photo: Hamara/Shutterstock/Fotodom The authorities of the European Union have not ruled out the possibility of temporarily lifting restrictions on the cost of Russian oil amid the Middle Eastern conflict. 14:05 31.05.2026 Yamal-Media - Salekhard
The European Union is considering lifting restrictions on Russian oil
Photo: Unsplash.com The next review of the price cap in July is expected. 16:35 31.05.2026 Network publication Talk - Barnaul
Bloomberg: The EU may temporarily lift restrictions on Russian oil due to Iran
Photo: depositphotos/ssuaphoto The European Union is exploring the possibility of temporarily lifting restrictions on the cost of Russian oil due to the conflict in the Middle East. 12:55 31.05.2026 M24.Ru - Moscow
Bloomberg: The EU may temporarily lift restrictions on oil from Russia
According to a publication by Bloomberg, the European Union is exploring the possibility of temporarily suspending the restrictions on the price of oil supplied from Russia. 12:54 31.05.2026 IA Public News Service - Moscow
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