Why Western Sanctions Haven't Cut Off Russia's Oil Revenue — and What It Means for Gas Prices

Western sanctions on Russian energy exports have had a limited effect, with Russia redirecting its oil exports to markets not participating in the sanctions regime, particularly China and India. These countries have become major buyers of discounted Russian crude, absorbing much of the volume that Europe and the US stopped purchasing. As a result, global oil prices remain volatile, affecting prices everywhere, including in the US and Europe. This has led to a shift in consumer behavior, with increased interest in fuel-efficient vehicles.