Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether she will have discussions with her international allied counterparts to reduce the level of the Oil Price Cap applicable to Russian exports.

The UK works closely with G7 partners to increase economic pressure on Russia. On 18 July 2025, the UK lowered the Russian Oil Price Cap alongside the EU, with the aim to reduce Russian oil revenues. On the 15^th October the UK also announced new sanctions on Russia’s two biggest oil companies, Rosneft and Lukoil, with the United States taking similar action on Wednesday the 22^nd.

We will continue to collaborate with international partners, including the reviewing the oil price cap mechanism, to find furthers ways to increase this pressure.