EU Aims to Approve 21st Sanctions Package Against Russia by July 15, 2026, to Freeze Oil Price Cap
The EU plans to approve its 21st sanctions package against Russia by July 15, 2026. The goal is to freeze the price cap on Russian oil to prevent an increase in Russia's revenues. The current cap is 44.1 dollars; without a freeze, it could rise to 75 dollars per barrel.
The European Union intends to approve its 21st package of sanctions against Russia by July 15, 2026. The primary goal is to freeze the price cap on Russian crude oil to prevent a sharp increase in Russia's revenue from its sale.
The current price cap on Russian oil is 44.1 dollars per barrel, set on January 15, 2026. It is updated every six months using a formula: the average price over the past six months minus 15%. The next update date is July 15, 2026. Experts predict that without a freeze, the price could rise to 75 dollars per barrel due to increasing global prices and the blocking of the Strait of Hormuz. Such an increase is deemed unacceptable as it would boost funding for the war against Ukraine.
Therefore, the European Commission and the Council of the EU aim to freeze the price cap, establishing a new rule in the 21st sanctions package. A compromise amount, potentially around 60 dollars per barrel, is being discussed. The European Commission plans to present this package early next week, on June 8 or 9. It may also include measures against Russia's military-industrial complex and its «shadow fleet».