Council Regulation (EU) 2023/250 of 4 February 2023 amending Regulation (EU) No 833/2014 concerning restrictive measures in view of Russia’s actions destabilising the situation in Ukraine

‘11 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 mid-March 2023 and every 2 months thereafter. The review 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. In order to achieve the objectives of the price cap, including its ability to reduce Russia’s oil revenues, the price cap shall be at least 5 % below the average market price for Russian oil and petroleum products, calculated on the basis of data provided by the International Energy Agency.’.

This Regulation shall enter into force on the day following that of its publication in the Official Journal of the European Union.