Recital 11

(11) Decision (CFSP) 2026/1849 introduces a suspension of the amendment of the crude oil price cap. Council Decision (CFSP) 2025/1495 (4) provided for a procedure to modify the price cap for Russian crude oil depending on the average market price of Russian crude oil. As indicated in Decision (CFSP) 2025/1495, that procedure is intended to ensure that the crude oil price cap is sufficiently low at all times to reduce Russia’s revenues from oil exports, taking into account previous price fluctuations. Given the recent exceptional disturbances in the markets for crude oil and petroleum products, and to ensure that the crude oil price cap remains effective in achieving its objectives, it is appropriate to suspend the amendment of that price cap. At the same time, it is appropriate to provide for an interim review of that suspension to ensure that the mechanism remains necessary and proportionate taking into consideration market developments. It should be possible for the Council to decide to amend the price cap after that interim review. In the absence of a decision by the Council, the applicable price cap will remain in place. From 15 July 2027, the application of the original procedure to amend the price cap will resume, with the publication on that date of a notice by the Commission with the new price cap and the amendment of Annex XXVIII to Regulation (EU) No 833/2014 in accordance with Article 3n(11) and Article 7a of that Regulation.

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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.