The crude cap is due to come into force on 5 December
US seeks to reassure over Russia price cap
The looming move threatens additional uncertainty and risk for the energy markets this winter
The proposed price cap on Russian crude and products is “innovative, and very different from typical sanctions measures”, Ben Harris, assistant secretary for economic policy at the US Department of the Treasury, told the Energy Intelligence Forum in London. And there has been considerable “misunderstanding” over the plans, he suggests. Russia benefitted from inflated prices after its invasion of Ukraine, and the EU subsequently imposed packages of restrictions in response. The price cap should be seen as a “release valve” or extension to the sixth sanctions package, Harris explains, although the EU has since announced a total of eight such packages. The intention is to “preserve the trade of
Also in this section
4 December 2025
Time is running out for Lukoil and Rosneft to divest international assets that will be mostly rendered useless to them when the US sanctions deadline arrives in mid-December
3 December 2025
Aramco’s pursuit of $30b in US gas partnerships marks a strategic pivot. The US gains capital and certainty; Saudi Arabia gains access, flexibility and a new export future
2 December 2025
The interplay between OPEC+, China and the US will define oil markets throughout 2026
1 December 2025
The North African producer’s first bidding round in almost two decades is an important milestone but the recent extension suggests a degree of trepidation
