Oil Price Cap update – 15 January 2026 Further to the Circular of 29 July 2025 Members should note that the EU and UK have confirmed that effective 23:01 GMT 31 January 2026 (UK) / 1 February 2026 (EU) the price cap for Russian crude is USD44.10 per barrel. Under the UK price cap, for any trades with an effective date of contract before 23:01 GMT 31 January and compliant with the existing price cap of USD47.60, there is a wind down period ending at 22.59 BST on 16 April 2026. Under the EU price cap scheme, contracts concluded under the previous price cap can be executed for 90 days from 15 January 2026.
Full advisory at the following link.