“The sanctions that have been imposed throughout this time on Russian crude oil have completely failed.
The new price caps may also not be material,” the statement said.
Sankey Research President and Lead Analyst Paul Sankey noted that the idea of capping Russian energy prices was developed by "bureaucrats with a financial background" who do not understand the oil markets.
Earlier, Russian Deputy Prime Minister Alexander Novak said that the situation with the production and export of oil from Russia against the backdrop of sanctions and a price ceiling remains stable.