Emergency Contact IG Circular: The European Union (EU) adopts 18th sanctions package against Russia Home Latest updates News IG Circular: The European Union (EU) adopts 18th sanctions package against Russia 30 Jul 2025 Download Circular PDF Sign up for alerts Oil Price Cap - Update 15  January 2026 Please note that the EU and UK have confirmed that effective from 23:01 GMT 31 January 2026 (UK) / 1 February 2026 (EU) the price cap for Russian crude oil will be lowered to US$ 44.10 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 US$ 47.60, 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. ____________________________________________________ 18 July 2025, the EU adopted the 18 th sanctions package against Russia. These measures can be found in amended   Regulation (EU) 833/2014  and  Regulation (EU) 269/2014 . The EU Commission has issued a press release regarding these new measures and FAQs . They can be summarised as follows:    New vessel and asset freeze listings 105 vessels have been banned from accessing EU ports or receiving maritime or other services for being part of the Russian “shadow fleet” (Article 3s of EU Regulation 833/2014). The EU has removed three LNG (liquified natural gas) tankers operated by Mitsui O.S.K. Lines from this list after receiving assurances that they will not transport gas from the Russian Yamal and Arctic 2 projects. 14 individuals and 41 entities have been designated to the E.U. sanctions list (and therefore subject to an asset freeze), including those associated with Coral Energy/2Rivers Group (which is already subject to U.K. asset freeze restrictions), and Nayara Energy Limited (an Indian refinery in which Rosneft has a major shareholding). Oi