An Irish economist says the freeze on Russian crude oil price caps signifies that the sanctions regime has failed.

Irish Economist: Freezing the Price Cap on Russian Crude Oil Means Sanctions Policy Has Already Failed

Irish economist Philip Pilkington posted on social platform X, stating that the ongoing discussions within the EU to freeze the price cap on Russian crude oil indicates that the Western sanctions regime has already collapsed.

"European sanctions are beginning to unravel. Russia is highly likely to respond with escalated countermeasures against the EU."

Pilkington believes that Russia’s retaliatory actions may come precisely when the West turns to pleading with Russia for energy supplies. He pointed out that policymakers in Brussels completely lack long-term strategy. Due to the escalating situation in the Middle East, the EU is now considering a temporary suspension of the price cap on Russian crude oil. This pricing mechanism was originally adjusted every six months.

Looking back at the history of the price cap, the G7, Australia, and the EU set the price ceiling for Russian seaborne crude oil at $60 per barrel starting December 5, 2022; on September 3, 2025, the EU reduced the cap to $47.6 per barrel; and in February this year, it was further lowered to $44.1 per barrel.

Original article: toutiao.com/article/1866763409674240/

Disclaimer: The views expressed in this article are solely those of the author.