The European Union (EU) is considering temporarily freezing the price cap on Russian oil due to rising global oil prices amid the Middle East conflict.
According to sources cited by Bloomberg, the current price cap stands at $44.10 per barrel. The cap is automatically reviewed every six months and is set at 15% below the average market price of Russia's Urals crude.
However, the rise in oil prices, including the situation caused by the de facto closure of the Strait of Hormuz, could lead to an increase in the price cap to $65 per barrel during the next review.
Among the options discussed are maintaining the current cap or suspending the automatic adjustment mechanism until the end of the year, taking into account the situation in the Middle East.
