The European Commission is preparing a floating ceiling on Russian oil prices

In the coming days, the European Commission plans to propose a new mechanism for limiting the cost of Russian oil – a floating price ceiling, which will be included in the next round of sanctions against Russia. 

This measure is aimed at overcoming differences between EU countries over further restrictions. As part of the 18th package of sanctions, a reduction in the current ceiling from $60 to just above $45 per barrel is being discussed, while automatic adjustment of the restriction level is being considered depending on world oil prices.

Currently, there is a ban on sea shipments of Russian oil priced above $60, as well as on the provision of insurance, reinsurance and shipping services for such cargoes. The new scheme is still being finalized, the exact amount is still being discussed, but the starting point may be a level slightly above $ 45.

However, the introduction of new restrictions is complicated by the position of Slovakia, which is concerned about the EU's plans to stop importing Russian energy by 2027. Decisions are made only unanimously by all participating countries, which makes it difficult to coordinate new sanctions. The European Commission has not yet disclosed the details of the measures being discussed.