Russia's Oil and Gas Revenue Surges Despite Sanctions

Russia's income from oil and gas sales in February 2023 increased by over 80% compared to February 2022, surpassing $10 billion
The increase was due to rising oil prices despite Western sanctions imposed over Russia's invasion of Ukraine
Taxes on oil and petroleum accounted for 84% of Russia's total hydrocarbon revenues
To limit Russia's oil revenue, Western countries banned most naval imports and implemented a $60 per barrel price cap
Russia mitigated the price cap impact by using a shadow tanker fleet and non-Western buyers, though allies enhanced control of cap compliance