TASS6/4/2026Business1 min readRussia
EU Commission Admits Possibility of Raising Russian Oil Price Cap
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- The European Commission has acknowledged the potential to increase the price cap on Russian oil, citing the conflict surrounding Iran.
- The current cap is $44.1 per barrel, calculated on a 6-month average minus 15%.
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BRUSSELS, June 4. /TASS/. The European Commission has for the first time admitted the possibility of increasing the so-called "price cap" for Russian oil in view of the conflict around Iran.
"The mechanism indeed is calculated on the basis of a 6-month average minus 15%," Commission Spokesperson Siobhan McGarry said. "We, of course, remain totally committed to the oil price cap as a mechanism. And the mechanism, mechanism itself can go up and can go down," she noted.
The oil price cap now stands at $44.1 per barrel.
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This article was originally published by TASS.
