The EU and UK have confirmed that effective 23:01 GMT January 31, 2026 (UK) / February 1, 2026 (EU), the price cap for Russian crude will drop to US$44.10 per barrel. Under the UK price cap, for any trades with an effective date of contract before 23:01 GMT January 31, 2026 and compliant with the existing price cap of US$47.60, there is a wind down period ending at 22:59 BST on April 16, 2026. Under the EU price cap scheme, contracts concluded under the previous price cap can be executed for 90 days from January 15, 2026.
Full advisory at the following link.