Sanctions imposed on Russian crude oil have so far have 'failed completely' and new price caps could prove immaterial as well, analysts told CNBC.
Sanctions imposed on Russian crude oil have so far "failed completely" and new price caps could prove immaterial as well, analysts told CNBC.
The European Union is planning to ban imports of refined petroleum products from Russia, including diesel and jet fuel, from Sunday. The price cap was "invented by bureaucrats with finance degrees. None of them really understand oil markets," Paul Sankey, president and lead analyst at Sankey Research, told CNBC's "Streets Sign Asia" on Thursday. "t's been a total bomb, it has failed completely."Picture Alliance | Picture Alliance | Getty Images
Sanctions imposed on Russian crude oil have so far "failed completely" and new price caps could prove immaterial as well, analysts told CNBC.The 27-member bloc has already banned the purchase and import of sea-borne Russian crude oil since December.set a price cap on Russian seaborne crude oil , which bars the use of Western-supplied maritime insurance, finance and other services unless they are sold below $60 per barrel.The price cap "was invented by bureaucrats with finance degrees. None of them really understand oil markets," Paul Sankey, president and lead analyst at Sankey Research, told CNBC's "
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