The European Union, as part of its 18th sanctions package against Russia, has lowered the price cap on Russian oil from $60 to $47.6 per barrel.

Axar.az informs the decision came into effect on September 3, according to the official website of the European Union.

A transition period has been set until October 18, 2025, for the fulfillment of any contracts concluded before July 20, 2025, which were based on a $60-per-barrel price at the time of signing.

"We are grateful to our European partners for taking into account the recommendations of our sanctions group regarding the reduction of the price cap on Russian oil," the Head of the Ukrainian Presidential Office, Andriy Yermak noted on X.