St. Louis Fed, Report: Reviewing the Impact of Energy Sanctions on Russia

“Western sanctions on the Russian energy sector have reduced Russian revenues but have also created costs for the sanctioning nations. Fortunately for the EU, Europe has had a fairly mild winter, which has reduced the costs associated with boycotting Russian gas. In addition, the recently imposed price cap on Russian seaborne oil exports has been surprisingly successful, at least initially. It is likely, however, that Russia will eventually find ways to evade the price cap, reducing the effectiveness of that sanction.”