May 15, 2024 15:02 GMT
OIL: Russian Oil Price Cap Shows Limits Sanctions Use: Energy Aspects
OIL
The Russian oil price cap shows the limits of the use of sanctions according to Energy Aspects during an inquiry into whether financial sanctions against Russia are working.
- The price cap on Russian oil shows “we’re hitting up against the limits of the efficacy and the reach of sanctions, particularly without a willingness and appetite amongst governments to significantly disrupt flows,” said Richard Bronze at Energy Aspects.
- “You have two competing aims, and the ‘not disrupting flows’ always seems to be the one that’s given precedence,” he added.
- “The tool that was thought to be there, in terms of access to Western shipping and services, hasn’t proved anywhere near as effective as it was hoped.”
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