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In a joint effort to limit Russia's financial ability to continue its war against Ukraine, the European Union (EU) and the United Kingdom have agreed to lower the maximum price for Russian oil exported by sea from $60 per barrel to $47.60.
The decision is part of a new package of sanctions that EU foreign policy chief Kaja Kallas has described as one of the strongest sanctions packages against Russia to date. The new sanctions package aims to hit the Kremlin's financial resources through several important measures: reducing the maximum oil price, blocking technology exports, and banning investments in Nord Stream.
The new oil price cap will come into effect on September 3, 2025. This means that insurance companies, transporters and brokers within the EU and the UK will not be able to facilitate sales of Russian oil above the set price. The measure is expected to significantly affect Russia’s revenues, given that in 2024, EU member states bought around €21.9 billion of Russian oil and gas, according to published data. Kaja Kallas stressed that this sanctions package “will increase pressure on Putin by exploiting his greatest weakness – oil revenues – while aiming to keep global energy markets stable.”
The UK government, for its part, declared that it is taking decisive action to cut off Putin's oil supply pipeline and has so far sanctioned over 250 ships involved in transporting Russian energy.
The initial cap on Russian oil prices was introduced in December 2022 by the G7 group of countries, but the new US administration under President Donald Trump has been reluctant to back the measures, leaving the initiative largely in the hands of the EU and the UK. This lack of unity among Western allies could complicate the effectiveness of the sanctions, as Russia has found ways to circumvent the restrictions through third countries, such as China and India.
Energy analysts say the cap cut could have a double-edged sword: on the one hand, it could reduce Russia's revenues, but on the other, it could increase pressure on global energy markets, especially if Russia decides to limit exports in response. However, the EU and the UK have stressed that the measures are designed to minimize the impact on the stability of global markets.
For Russia, the reduction in the maximum price for oil and the new sanctions reinforce the economic challenges the country faces, especially in financing its military machine. Restrictions on technology and banking could also hamper Russia’s ability to produce and maintain military equipment, including drones. For Ukraine, these measures are an important support in efforts to weaken Russia economically and militarily. The Ukrainian government has repeatedly called for tougher sanctions on Russia, and this development is seen as a positive step in that direction.
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