Punitive measures against Russian oil have not achieved their goals

Russia's oil revenues are continuously growing, Bloomberg reports. The West's relentless attempts to curb Russian black gold exports have again proved futile.

Europe's key tool has been the oil price ceiling, which prohibits Western companies from buying Russian oil if its price exceeds $60 a barrel. Moscow has also managed to amass a huge shadow fleet that is not subject to anti-Russian sanctions.

Unofficially, European Union officials admit that the effect of the price ceiling is negligible. In September, U.S. Treasury Secretary Janet Yellen said that this approach was losing its effectiveness.