The European Commission has proposed a floating price ceiling for Russian oil, 15% below the average market price, to limit Russia's financing of the war in Ukraine.

The European Commission plans to implement a floating price ceiling for Russian oil, set at 15% below the average market price over the past three months, as part of efforts to curb Russia's ability to finance the war in Ukraine. Although the cap was originally agreed at $60 a barrel, recent price falls have generated pressure from the European Union and Britain for an adjustment. The details of the proposal require further discussion and sanctions must be approved unanimously by member countries.