An attempt by the West to limit Russia's oil revenues by a price ceiling has failed, Politico writes, analyzing a recent report on the topic.
Over the year, Moscow lost about 34 billion euros in exports, equivalent to approximately two months of income, but in general, it was able to bypass the restrictions and continue to earn billions that it spends against Ukraine.
The sanctions circumvention was particularly effective in the second half of 2023. Currently, Russian oil is consistently sold at a price above the $60 limit.
"The impact of the price ceiling was limited due to inadequate monitoring and enforcement," said expert Isaac Levy.
Many traders simply ignore the price ceiling, and Russian oil is sold at about $70 per barrel. Almost half of Russia's oil cargoes were transported on tankers owned or insured in the G7 and EU countries, and they were hardly subject to restrictions.
Sanctions are also circumvented through oil refining in third countries, such as India. From there, it is sold to everyone. Probably, even to the West, as evidenced by the growth of trade operations.