Bloomberg: The EU wants to replace the price cap with a ban on services for transporting Russian oil.
The European Union (EU) is considering a proposal to replace the so-called price cap on Russian oil with a complete ban on services for its maritime transportation as part of a future sanctions package. This was reported by Bloomberg, citing sources, while the European Commission declined to comment on the matter.
The plans involve banning both the insurance and transportation of oil from Russia regardless of its price, the publication states. Anonymous sources for the authors expressed the opinion that the implementation of the measures they wish to adopt, if approved by the EU member states, "would significantly simplify the enforcement of sanctions."
The article also notes that "several European capitals have already expressed disagreement with replacing the price cap with a ban on services."
The discussion comes against the backdrop of a recently made decision to lower the price cap from February 1 from $47.6 to $44.1 per barrel. This reduction will be the second in six months. Previously, from December 2022 to September 2025, the figure was set at $60 per barrel.
