To be sure, China, India and others are taking the Russian oil that Europe no longer imports. But Russia is selling it at a loss.
Deutsche Bank estimates that Russia is earning barely a third of its prewar fossil fuel revenues. It is also becoming increasingly expensive — roughly twice the global average — for Russia to extract it. It costs Russia $45 to extract a barrel of oil and another $12 to get it to its customers. This suits the west perfectly since we don’t want the global oil price to go up and don’t want Russia to make money. Since more than half of Russia’s budget comes from fossil fuel revenues, the government is now pillaging its rainy day funds. More extreme revenue extraction measures will surely follow.