Overview
- The European Commission formalized the new ceiling in Regulation 2026/124, taking effect on February 1, 2026.
- The EU last cut the limit to $47.6 on September 3, 2025, with the UK, Switzerland, Canada and New Zealand later aligning.
- The original $60 restriction on seaborne crude began on December 5, 2022, with a related measure for petroleum products starting on February 5, 2023.
- Russia has barred deliveries to foreign counterparties when contracts reference the price-cap mechanism.
- Reuters reports the proposed shipping ban could appear in the next EU sanctions package, with no formal decision yet.