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- The price cap on Russian oil has been effective in driving down the country's revenue from the commodity, the IEA said.
- An IEA official told CNBC the price cap has hurt Russia's revenue but it still allows for oil to enter markets.
- Russian exports have held up better than anticipated, the agency said.
The drop in Russia's oil revenue illustrates that price caps and sanctions imposed by Western nations are delivering the desired outcome even as Moscow has been able to redirect its product outside of Europe, an International Energy Agency official told CNBC.