Analysts: Russian oil price cap has completely failed

Analysts believe that the sanctions imposed on Russian oil have completely failed and that the new price ceilings may also prove insignificant.

Paul Sankey, president and chief analyst at Sankey Research, said in statements to CNBC that the price ceiling was invented by bureaucrats, and none of them understood the oil markets, so it completely failed.

He added: The sanctions were difficult for the oil markets because the Russian oil supplies were not interrupted, but Moscow continued exports at high levels

The European Union plans to ban imports of refined petroleum products from Russia, including jet fuel, starting Sunday.

In December, the European Union imposed a ban on purchases and imports of Russian crude transported by sea.

For her part, Vandana Hari, founder of Vanda Insights, stated that she was very skeptical about the upcoming restrictions on refined Russian oil products, noting that the price ceiling on crude was very illogical.

She continued: I believe that the price ceiling on refined products that they are planning at $ 100 a barrel for diesel and clean products and about $ 45 for dirty fuels such as fuel oil will also be insignificant.

She continued: Russian oil will find its way in markets that still welcome it, such as China and India.