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1. It shall be prohibited to provide, directly or indirectly, technical assistance, brokering services or financing or financial assistance, related to the trading, brokering or transport, including through ship-to-ship transfers, to third countries of crude oil or petroleum products as listed in Annex XXV which originate in Russia or which have been exported from Russia.

2. The prohibition in paragraph 1 shall not apply to the execution of contracts concluded before 4 June 2022, or of ancillary contracts necessary for the execution of such contracts until:

(a) 5 December 2022, for crude oil falling under CN code 2709 00 ;

(b) 5 February 2023, for petroleum products falling under CN code 2710 .

3. The prohibition in paragraph 1 does not apply to the payment of insurance claims after 5 December 2022, for crude oil falling under CN code 2709 00 , or after 5 February 2023, for petroleum products falling under CN code 2710 , on the basis of insurance contracts concluded before 4 June 2022 and provided that the insurance coverage has ceased by the relevant date.

4. It shall be prohibited to trade, broker or transport, including through ship-to-ship transfers, to third countries, crude oil falling under CN code 2709 00 , as of 5 December 2022, or petroleum products falling under CN code 2710 , as of 5 February 2023, as listed in Annex XXV, which originate in Russia or which have been exported from Russia.

5. The prohibitions in paragraphs 1 and 4 of this Article shall not apply, for a period of 90 days, as of the date of entry into force of a Commission Implementing Regulation amending Annex XXVIII, to the transport of products listed in Annex XXV which originate in Russia or which have been exported from Russia, and to the provision, directly or indirectly, of technical assistance, brokering services or financing or financial assistance, related to the transport, provided that:

(a) the transport or the provision of technical assistance, brokering services or financing or financial assistance related to the transport is based on a contract concluded before the date of entry into force of that Commission Implementing Regulation amending Annex XXVIII; and (b) the purchase price per barrel does not exceed the price, as laid down in Annex XXVIII, which was applicable on the date of conclusion of that contract.

6. The prohibitions in paragraphs 1 and 4 shall not apply:

(a) as of 5 December 2022, to crude oil falling under CN code 2709 00 , and as of 5 February 2023, to petroleum products falling under CN code 2710 , which originate in Russia or which have been exported from Russia provided that the purchase price per barrel of such products does not exceed the price laid down in Annex XXVIII;

(b) to crude oil or petroleum products as listed in Annex XXV where those goods originate in a third country and are only being loaded in, departing from or transiting through Russia, provided that both the origin and the owner of those goods are non-Russian;

(c) to the transport, or to technical assistance, brokering services, financing or financial assistance related to such transport, of the products mentioned in Annex XXIX to the third countries mentioned therein, for the duration specified in that Annex;

(d) as of 5 December 2022, to crude oil falling under CN code 2709 00 , which originates in Russia or which has been exported from Russia purchased above the price laid down in Annex XXVIII which is loaded onto a vessel at the port of loading prior to 5 December 2022 and unloaded at the final port of destination prior to 19 January 2023;

(e) as of 5 February 2023, to petroleum products falling under CN code 2710 , which originate in Russia or which have been exported from Russia purchased above the respective price laid down in Annex XXVIII which are loaded onto a vessel at the port of loading prior to 5 February 2023 and unloaded at the final port of destination prior to 1 April 2023.

6a. In application of paragraphs 4 and 6, point (a), for Russian crude oil or petroleum products listed in Annex XXV, loaded as of 20 February 2024, service providers with no access to the purchase price per barrel laid down in Annex XXVIII of such products shall collect itemised price information for ancillary costs as provided by operators further up the supply chain of Russian crude oil or petroleum product trade. Such itemised price information shall be provided to counterparties and competent authorities, upon their request, for the purpose of verifying compliance with this Article.

7. In the event that, after the entry into force of a Council Decision amending Annex XI to Decision 2014/512/CFSP, a vessel has transported the Russian crude oil or petroleum products referred to in paragraph 4, and the operator responsible for the transport knew or had reasonable cause to suspect that such crude oil or petroleum products were purchased above the price laid down in Annex XXVIII to this Regulation on the date of conclusion of the contract for such purchase, it shall be prohibited to provide the services referred to in paragraph 1 of this Article relating to the transport of crude oil or petroleum products that originate in Russia or are exported from Russia as referred to in paragraph 4 of this Article by that vessel for 90 days following the date of unloading of the cargo purchased above the price cap.

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9. The prohibitions in paragraph 1 and 4 shall not apply to the transport or provision of technical assistance, brokering services or financing or financial assistance, related to the transport necessary for the urgent prevention or mitigation of an event likely to have a serious and significant impact on human health and safety or the environment, or as a response to natural disasters, provided that the national competent authority has been notified immediately once the event has been identified.

10. Member States and the Commission shall inform each other of detected instances of a breach or circumvention of the prohibitions set out in this Article. Any information provided or received in accordance with this Article shall be used for the purposes for which it was provided or received, including ensuring the effectiveness of the measure.

11. The Commission shall monitor Russian crude oil prices on the basis of price assessments provided by authorised reporting agencies. Based on that data, the Commission shall calculate the average market price of Russian crude oil over a period of 22 weeks starting as of 15 July 2025 and for an equivalent period of 22 weeks every six months thereafter. In order to remain effective in achieving its objectives, including its ability to reduce Russia’s oil revenues, the price cap shall be set equal to that average market price for Russian crude oil minus 15 %. Should the newly calculated price vary by 5 % or less from the applicable price cap, the price cap shall not be amended. The Commission shall publish a notice of that average market price and amend Annex XXVIII in accordance with the second subparagraph of this paragraph and with Article 7a on 15 January 2026 and every six months thereafter. The amended price cap shall apply as of the first day of the month following the month of entry into force of the Commission Implementing Regulation.

By 15 April 2026, and every six months thereafter, the Commission shall assess the functioning of the price cap mechanism, including Annex XXVIII as well as the prohibitions in paragraphs 1 and 4 of this Article, on the basis of, inter alia, coordination with the Price Cap Coalition. It shall report its findings to the Council and propose amendments as appropriate. That assessment may be carried out at an earlier point in time where duly justified by developments in the oil market, geopolitical circumstances, or other relevant considerations. That assessment shall take into account the effectiveness of the measure in terms of its expected results, its implementation, international adherence to and informal alignment with the price cap mechanism, and its potential impact on the Union and its Member States. It shall respond to developments in the market, including possible turbulences. On the basis of that report, the functioning of the price cap mechanism, including Annex XXVIII as well as the prohibitions in paragraphs 1 and 4 of this Article, shall be reviewed by the Council.

12. Natural and legal persons, entities and bodies shall inform within two weeks the competent authority of the Member State where they are resident, located, established or incorporated, of all transactions for the purchase or transfer into third countries of natural gas condensates of subheading CN 2709 00 10 from liquefied natural gas production plants, originating in or exported from Russia. The reporting shall include information on volumes. The Member State concerned shall provide the other Member States and the Commission with the information received under the previous subparagraph.

13. Based on the information received under paragraph 12, the Commission shall review the functioning of the measures concerning natural gas condensates of subheading CN 2709 00 10 from liquefied natural gas production plants, originating in or exported from Russia, no later than 18 June 2023.