Western sanctions that put a price cap on Russian oil exports from December 2022 aimed to cause the country significant economic pain after its invasion of Ukraine last year. The idea was to curtail the amount Russia makes from its oil while ensuring it continues to flow into the global market to reduce price pressures on consumers around the world.
Back then, oil prices were trading around US$80 (£66) per barrel (/bbl). More than 10 months later, the opposite has happened: Russian exports have declined but its revenues have increased, providing it with significant funds to continue the war.
