This Commission Implementing Regulation (EU) 2026/124 amends Council Regulation (EU) No 833/2014, which concerns restrictive measures against Russia due to its actions destabilizing the situation in Ukraine. The key focus of this amendment is to adjust the price cap for Russian crude oil, which is a mechanism designed to limit Russia’s oil revenues while ensuring stable energy supplies to third countries. The regulation updates Annex XXVIII of Regulation (EU) No 833/2014 to reflect the new price cap.
The structure of the regulation is straightforward: it consists of two articles and an annex. Article 1 states that Annex XXVIII to Regulation (EU) No 833/2014 is amended as set out in the Annex to the new regulation. Article 2 specifies that the regulation will enter into force on the day following its publication in the Official Journal of the European Union. The Annex contains the updated price for crude oil. The previous price per barrel was 47,6 USD, and it is now set at 44,1 USD, applicable from 1 February 2026.
**** The most important provision of this regulation is the updated price cap for Russian crude oil, set at 44,1 USD per barrel from 1 February 2026. This price cap is crucial for companies involved in the maritime transport, technical assistance, brokering services, or financing of Russian crude oil to third countries, as it determines the threshold above which these activities are prohibited. The regulation also maintains a transitional period for contracts concluded before 1 February 2026, which were compliant with the previous price cap of 47,6 USD, allowing their execution until 16 April 2026.
