A recent report obtained by POLITICO reveals that the Western initiative to cap Russia’s oil revenues, implemented a year ago in response to the conflict with Ukraine, has largely failed. Despite imposing a $60-per-barrel ceiling on Russian crude oil, widespread circumvention, sanctions cheating, and significant loopholes persist, allowing Moscow to continue amassing funds for its military endeavors. The report indicates that while the cap has cost the Kremlin €34 billion in export revenues over the last year, its impact has been limited due to inadequate monitoring and enforcement. Kyiv is now urging its allies to take tougher action, proposing criminal prosecution for those circumventing the restrictions on Russian energy. As EU countries consider new measures to tighten enforcement, experts suggest threatening traders and shippers with sanctions or lowering the price cap level to enhance the effectiveness of the initiative.

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