Did the oil price cap curb Russian export earnings?

Did the G7 price cap on Russian oil limit what Moscow earns from selling it? Reports available on 7 December 2023 pointed to a awkward answer for the policy's supporters.

As reported on 6 December 2023, Russia earned $11.3 billion from oil exports in October. That figure exceeded what the country earned before the start of the war.

The cap was agreed on 2 September 2022 by the finance ministers of the G7 group of nations. It was intended to reduce Russia's ability to finance its war on Ukraine. The ministers also hoped it would curb further increases to the 2021–2022 inflation surge.

Set against that stated aim, the October figure showed export revenue at a level above the pre-war amount. The reports did not break down the sources of that income.