The EU is considering replacing the ceiling on Russian oil prices with a service ban.

The European Union is considering a proposal to replace the current Russian oil price cap with a ban on maritime services, as part of the latest round of sanctions imposed by the EU in response to Russia's military actions against Ukraine. According to sources familiar with the matter, if the proposal is supported by EU member states, European companies will be prohibited from providing insurance, logistics, and other related maritime services for the transportation of Russian oil, regardless of the pricing set by Russia. The sources, speaking on condition of anonymity, indicated that this comprehensive ban will significantly tighten restrictions on Russian oil and simplify the implementation of sanctions.