The G7 has long sanctioned Russian oil. A price cap is intended to reduce Russia's profits.
However, Putin has found ways to get around this. The West had set a price limit on Russian oil in order to deprive the country of income from this important source. Russia is apparently managing to sell its oil at significantly higher prices. The high freight costs that result directly from the sanctions are depressing profits from crude oil sales. A delivery to Asia costs significantly more than to Europe - Russia's previously most important customer market. The U.S. is currently increasingly hunting down ships that belong to the shadow fleet and is specifically sanctioning them. Half of sanctions have been in place since 2023 have not loaded Russian tankers since then. India and China are also increasingly distancing themselves from Russia. For example, India, for example, has already announced that it is looking for a new oil supplier from India. The US is saying that the oil price brake still has the desired effect - it reduces Russia's income from oil sales, or via the notorious shadow fleet.