The European Union is considering temporarily suspending the mechanism that caps the price of Russian oil amid the continuing conflict around Iran, Bloomberg reported, citing sources.
According to the agency, the EU is discussing a temporary decision not to revise the price cap because the war in the Middle East is now in its fourth month.
The Russian oil price-cap mechanism was introduced in 2025. It provides that every six months the cap should be set 15% below the average market price. It currently stands at $44.10 per barrel, and the next review had been scheduled for late summer.