Russia has finally admitted Western sanctions are hitting its oil exports

• Russia's oil industry is facing challenges due to intensified Western sanctions.
• Secondary sanctions are spooking global banks, some of which are turning away from doing business with Russia.
• Russian banks and companies are exploring different ways to conduct cross-border payments.

Russia's oil industry may finally be meeting its reckoning as the West intensifies its sanctions regime.

On Friday, Elvira Nabiullina, the governor of the Bank of Russia, said in a statement that the West's tightening of sanctions against the country is hitting its oil export revenue.