The Estonian foreign minister, Urmas Reinsalu, spoke at a government briefing about the European Union’s ceiling on oil imports from Russia. He noted that the cap, introduced in December, should be set lower than the current market value of crude oil. The comments came during a press conference summarized by the Delfi portal, outlining his view on how the price constraint is functioning in practice.
Reinsalu argued that the price cap has had a tangible impact and prevented what he described as a broad, destabilizing fuel shock. Yet he emphasized that price regulation is not a one-off measure. To maintain orderly markets and predictable budgeting for energy users, the minister called for a sustained policy approach. He suggested that periodic reviews and adjustments would help keep the ceiling aligned with real market conditions and geopolitical developments.
According to the Estonian minister, the current real price of Russian crude has trended below the established ceiling, which creates room to recalibrate the cap downward. He proposed a reduction from the present level of sixty dollars per barrel, arguing that aligning the ceiling with actual prices would reduce the risk of supply disruptions while preserving the intended constraint on Kremlin’s revenue from fossil fuels.
The minister expressed confidence that the recalibration could be implemented by mid-January, provided there is political will and coordination within the European Union. He indicated that Estonia, together with Poland, had spearheaded the decision to make the price ceiling subject to regular reviews. The plan calls for a formal assessment process to be conducted around the middle of January, with the possibility of adjusting the cap as new market data and sanctions developments emerge.
In a related public discussion, Markus Krebber, the chief executive of the German energy group RWE, commented on the broader European strategy. He indicated that the recent agreement on a gas price ceiling, established in early December, may not yield the expected stabilizing effect across all member states. While acknowledging the objective of limiting energy costs, his assessment reflected concern about how such price caps interact with market dynamics and energy security across the Union. These remarks underscore the broader debate about how targeted price controls can coexist with uninterrupted energy supply and competitive markets, especially in a time of fluctuating energy prices and complex sanction regimes.