Sanctions on Russian crude oil have 'failed completely,' oil analyst says
Publishing timestamp: 2023-02-03 02:00:25
Summary
Analysts told CNBC that sanctions imposed on Russian crude oil have so far "failed completely" and new price caps could prove immaterial as well. The European Union is planning to ban imports of refined petroleum products from Russia, including diesel and jet fuel, from Sunday. Paul Sankey, president and lead analyst at Sankey Research, said the price cap was "invented by bureaucrats with finance degrees" and has been a "total bomb". Vandana Hari, founder of analytics firm Vanda Insights, said the crude price cap was "pretty inconsequential" and the proposed price caps on Russia's refined products could be "immaterial". China and India have increased their purchases of Russian oil in wake of Moscow's invasion of Ukraine, benefiting from discounted rates. Hari said China's sudden reopening is unlikely to move needle on oil prices in near term.
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Keywords: ukraine, energy, russia, world economy, vanda pharmaceuticals inc, oil and gas, china, business news,