Overview

• EU ambassadors have indicated near-unanimous support for an 18th sanctions package that imposes a dynamic cap initially set at about $50 per barrel on Russian seaborne oil.
• The cap mechanism positions the limit 15% below the three-month average market price and mandates a reset every six months.
• Foreign ministers will formally adopt the package on Tuesday once Slovakia finalizes guarantees for its gas imports.
• The static $60 cap lost bite after global crude prices dipped below $70, spurring the shift to a responsive pricing model.
• CREA data indicate Russia’s oil revenues fell 18% in Q2 2025 despite an 8% rise in exports, with 56% of shipments now on G7+-flagged tankers.