EU Regulation 833/2014

EU Council Regulation 833/2014 is the European Union's foundational Russia sanctions instrument, adopted in July 2014 after Russia's annexation of Crimea and amended through more than 20 successive packages since. It bars EU-registered entities from importing Russian seaborne crude and petroleum products, underpins the G7 oil price cap by restricting EU shipping, insurance and financing for Russian crude sold above the cap, and separately bars European refiners from sourcing Iranian crude.

That Iranian bar is what makes the regulation operationally distinct from US sanctions administered by OFAC. When OFAC issued General Licence X on 22 June 2026, authorising Iranian crude production, sale and shipping through 21 August, Brent fell toward $73, pricing a supply loosening that North-West European and Mediterranean refiners have no legal route to access under 833/2014.

The same bar on discounted Russian and Iranian diesel has kept the European Diesel Crack elevated through mid-2026, holding near $46 a barrel in early July even as crude sold off. Each successive sanctions package has widened vessel-tracking obligations and shadow-fleet reporting requirements, the main enforcement tool for the price cap; the 21st package, adopted in 2025, added further evasion provisions and asset-freeze designations.