EU Reviews Keeping Russian Oil Cap at $44.10 After Kremlin Windfall

The EU is now weighing whether to keep its G7-aligned price cap on Russian crude unchanged at the July review, following sharp oil price gains after the Iran conflict that have boosted Kremlin revenues. This follows an earlier proposal on 31 May to freeze the dynamic cap at its current $44.10/bl level or limit any rise to $60 as part of the bloc’s 21st sanctions package. The cap, already lowered from $60 to $44.10 in January, covers roughly 30% of seaborne Russian oil; Brussels may also bar future caps from exceeding $60 to prevent further Moscow windfalls while avoiding market disruption.