Currently Russian energy or natural resources are not under any sanctions. This was mainly due to EU's reliance on Russian energy. The original plan was to allow this February 2023.
Now west has realized lot of other countries will continue to buy Russian energy or raw resources. World has made it clear that this or any future European war will not be a world war. Europe not equals to world.
Abrupt stoppage of Russian resources due to sanctions will cause energy price to jump sky high at the same time stopping Russian natural will cause damaging disruption to commercial and industrial sector and can cause recession.
To avoid this west has decided price cap to limit Russian profit at the same time avoid global supply chain disruption.
As for OPEC, they are being opportunistic. OPEC is trying to maximize their profit at other counties expense in this giant mess that Russians have created.
To those wondering what are secondary sanction.
What are Secondary Sanctions?
Outside of the United States, all
economic sanctions imposed by a country are primary sanctions. In contrast, secondary sanctions impose penalties on persons and organizations not subject to the sanctioning country’s legal jurisdiction and are applied against entities engaged in the same dealings prohibited under primary sanctions.
For example, because the Islamic Revolutionary Guard Corps, or IRGC, is subject to secondary sanctions imposed by the Office of Foreign Assets Control (OFAC), a person who is not a “U.S. person” who deals in assets linked to the IRGC (e.g., donating to the IRGC’s charitable organization) may be penalized by OFAC. This is true even when there is nothing in the dealings that involve the U.S., such as the use of its currency or the export or import of its goods.
Penalties for violating a secondary sanction
A party violating the prohibitions or restrictions subject to secondary sanctions is the one subject to the regulatory consequences. However, the penalties are significantly more severe; generally, they consist of restrictions or prohibitions from accessing the imposing country’s financial system and/or the broader economy.
While there are a range of penalties that can be imposed under various U.S. sanctions regulations, the most severe is the loss of access to the financial system in the U.S. (and by U.S. financial institutions, located wherever).
This measure effectively bars the sanctioned party from doing business with customers and suppliers in the U.S., since it prevents access to the currency. It also makes being a significant force in international trade considerably more difficult, as the U.S. dollar is not only involved in over 60 percent of foreign exchange deals (which is how the buyer’s currency is used to purchase the goods and services in the seller’s currency), but is also the primary currency in which important commodities such as oil and precious metals are typically bought and sold.
Secondary sanctions impose penalties on persons and organizations not subject to the sanctioning country’s legal jurisdiction.
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