> While volumes of Russian oil exports have risen, the heavily discounted rates Moscow is offering to India and China mean revenues are significantly down year-on-year.<p>This should be the lede of the article and indicates that sanctions are working better than Western countries could have imagined.<p>The last thing Western countries would have wanted is Russian oil not being sold at all. That would effectively constitute a significant drop in supply which would translate to a massive increase in energy costs adding to the high inflation they’re facing already.<p>This way oil supply is similar, which doesn’t lead to increasing oil prices, and Russia is getting far fewer dollars than it would have otherwise. And I’ve seen good analyses indicating that Russia is probably selling its oil at a loss right now.