The Western sanctions on Russia over its aggression against Ukraine are growing tighter.
The biggest outstanding concern is how to cut Russia’s oil revenues, which may now account for over half of its export revenues. The best method is a price cap for oil, which is already being implemented — though not by Western countries.
The initial idea was that the West would stop importing Russian oil. But because Russia accounts for roughly 11% of global oil production, Western attempts to reduce oil imports from Russia led to sharp price hikes on the world market, allowing Russia to earn more from its oil exports, while delivering smaller volumes.