Western sanctions haven't curbed Russian oil profits, but the green energy transition could

Western sanctions haven't curbed Russian oil profits, but the green energy transition could https://ift.tt/lFEy3pZ Western sanctions and price caps imposed on Russian oil exports, the country's revenues have actually increased due to rising oil prices and a squeeze on supply in global markets. The price cap restricts the sale of Russian oil to third parties and requires them to use services provided by G7, EU, and Australian entities. However, breaches of the cap have been reported, and Russia has reduced its reliance on Western services. Additionally, the long-standing challenges facing Russia's oil industry, such as the decline in output from brownfields and high carbon intensity, could have a sustained negative impact on its oil wealth.