A new, dynamic price cap for Russian oil, introduced as part of the 18th package of European Union sanctions against Russia, will be applied from 3 September 2025.

A new, dynamic price cap for Russian oil, introduced as part of the 18th package of European Union sanctions against Russia, will be applied from 3 September 2025.

Source: European Pravda; Arianna Podestà, Deputy Chief Spokesperson for the European Commission

Details: The European Union will set a new maximum price for Russian oil after 3 September. This price will be calculated based on a dynamic formula approved in the 18th package of EU sanctions against Russia.

“The lowered oil price cap will apply on 3 September 2025,” Podestà said.

She added that “the majority of elements of the 18th sanctions package entered into force mid July, when approved by the Council”.

“The transaction ban on 22 additional Russian banks will enter into force on 8 August 2025,” Podestà said.

Background:

On 18 July, the EU approved the long-awaited 18th package of EU sanctions against Russia, which had been delayed due to opposition from Slovakia and Malta.The 18th package included a new, dynamic formula for calculating the price cap on Russian oil, which will be 15% of the average market price of oil over the past three months; currently, this amount is approximately US$47.6.Ukraine has filed specific proposals for the next 19th package of EU sanctions.

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