The article discusses the impact of European Union sanctions on Russia, particularly in relation to its oil industry. Despite the sanctions having some effect, Russia has managed to adapt through various circumvention strategies by seeking alternative markets. Since the onset of the war, EU exports to Russia have halved, while exports to Central Asia have significantly increased, which in turn helps facilitate the redistribution of goods into Russia. Additionally, Russia has strengthened its economic ties with China and India, with China supplying electronics and India purchasing energy resources.

However, the mechanisms devised by Russia to evade the sanctions are starting to show strain, primarily due to the decline in oil prices. It has been estimated that oil and gas revenues constituted only a quarter of the federal budget's income last year, marking the lowest level in the last decade. This downturn is exacerbated by targeted efforts from the West, particularly the United States, to limit the number of buyers for Russian oil, resulting in further revenue losses for the country.

Economist Dai from SEB Bank commented on the situation, stating that the critical blow has come from the drop in oil prices, coupled with the narrowing market for Russian oil buyers. The combination of these factors has further decreased Russia's revenues, indicating that the country's ability to sustain its economy amidst international sanctions is becoming increasingly challenging.