Norway lowers price cap on Russian oil to $47.6 per barrel – Foreign Ministry
On Friday, September 5, Norway decided to lower the price cap on Russian oil as part of sanctions against Russia, in line with the European Union.
This was reported by the Norwegian Foreign Ministry, according to Censor.NET.
Norway joined EU countries in cutting the price ceiling for Russian oil from $60 to $47.6 per barrel.
"Oil exports still account for a third of the Russian government’s revenue. Reducing this income and increasing pressure on the Russian economy makes it harder for the authorities to wage their illegal war in Ukraine," Norwegian Foreign Minister Espen Barth Eide said.
It was noted that Norwegian companies will no longer be able to purchase seaborne Russian oil and petroleum products above this price, nor provide related services.
As a reminder, the European Union began applying a dynamic price cap on Russian oil on September 3, 2025, based on a formula approved under the EU’s 18th sanctions package against Russia.
