Russia sold 99% of its oil above the G7's price cap last month

• Russia exported nearly all its oil at a price above the G7's price cap in October, Bloomberg reported.
• Western sanctions seem to be having a diminishing impact on Moscow's ability to fund its war in Ukraine.
• Russia sold oil at an average of $79.40 a barrel at the point of export, the report said.

Russia was able to almost completely avoid the price cap on its oil exports in October, as the attempt by G7 countries to throttle Moscow's war revenue proves tricky to enforce. 

In October, oil coming out of Russia's major ports sold for an average price of $79.40 per barrel, and 99% of Moscow's oil exports were sold above the price cap, according to a Bloomberg report and KSE Institute research.