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 come into force the day after 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 updated to 44,1 USD, starting 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, effective from 1 February 2026. This price cap is crucial for companies involved in the maritime transport and related services of Russian crude oil to third countries, as it determines the conditions under which they can operate without violating EU sanctions.
