(7)

Article 3n is amended as follows: in paragraph 6b, point (b) is replaced by the following: ; to the transport, or to technical assistance, brokering services, financing or financial assistance related to such transport, of the products mentioned in Part A of Annex XXIX to the third countries mentioned therein, for the duration specified in that Annex.’ the following paragraphs are added: ‘11a. The application of the procedure to amend the oil price cap set out in paragraph 11, including the calculation of the average market price of Russian crude oil over a period of 22 weeks, the publication of a notice of that average market price and the amendment of Annex XXVIII, shall be suspended from 24 July 2026 to 14 July 2027. 11b. By 15 January 2027, on the basis of price assessments provided by authorised reporting agencies, the Commission shall calculate the average market price of Russian crude oil over a period of 22 weeks starting as of 25 June 2026 and report the newly calculated price to the Council. Based on the report by the Commission, the Council shall review the price cap and may decide upon a joint proposal from the High Representative and the Commission to amend Annex XXVIII. The amended price cap shall apply as of the first day of the month following the month of entry into force of that amendment to Annex XXVIII. In the absence of a decision by the Council, the applicable price cap shall remain in place. As of 15 July 2027, the application of the procedure to amend the oil price cap set out in paragraph 11 shall resume.’ ;

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Source: EUR-Lex (Cellar) · retrieved 2026-10-14 · Text as adopted (Official Journal); later amendments are not incorporated in this text.