European Commission proposes keeping Russian oil price cap until Jan 2027

BRUSSELS. June 9 (Interfax) - The European Commission has proposed keeping the current price cap for Russian oil until January 2027 as part of the pending 21st package of sanctions, European Commission President Ursula von der Leyen said.

"Our oil price cap has a built-in adjustment mechanism to follow the market. It was not made for market shocks like the one caused by the closure of the Strait of Hormuz. So we proposed to simply pause the adjustment until January next year. This will give oil markets time to stabilize while preserving pressure on Russia's revenues," she said.

"We propose listing 30 more vessels on top of the 632 already sanctioned. For the first time we are also targeting vessels that assist the shadow fleet," von der Leyen said.

The European Commission is also proposing restrictions on ports, airports or refineries trading or processing Russian oil, she said.