Western policy of introducing price cap for Russian oil failed

Western countries' policy of creating a price cap for Russian oil has failed, Russian Deputy Foreign Minister Alexander Pankin said on Tuesday.

"People write and talk a lot about this - we sell [oil], we sell it at higher prices, no matter [what]. This suggests that [such a Western policy] has failed, even if they will continue to put pressure on us," the diplomat said when asked whether the West's policy toward Russia's oil price cap had failed after a year of implementation.

Together with the embargo, the European Union, the Group of Seven, and Australia set a price cap for Russian oil at $60 per barrel on December 5, 2022, prohibiting their ships and territories from transporting by sea and insuring oil sold above this level. Similar restrictions were applied to the supply of oil products from Russia on February 5, 2023, with the maximum price set at $100 and $45 per barrel, depending on the category. Russia, in turn, stated that it does not accept the conditions of the price ceiling, and Russian enterprises will not deliver oil to countries through this method.