«Ceiling» was introduced by the US authorities last year.
Bloomberg First Word expert Julian Lee calls for oil price caps to be abolished. According to him, it's not working. The U.S. introduced a "price ceiling" last year on Russian oil. Julian Lee said it doesn't help minimize revenue from hydrocarbon exports.
"This needs to be lifted. Such sanctions do not harm Russia's profits, but they increase environmental risks," Lee said.
The expert believes that the Western restrictions lead to an increase in risky operations of transshipment of oil at sea from one tanker to another. This increases the likelihood of an environmental disaster if hydrocarbons spill, for example.
"Since global oil prices have risen, the value of the Russian product has increased. Urals is now closer to $100 a barrel. Some ship owners are willing to ignore its limits," Lee reports.