Oil extracted in Russia is not directly affected by sanctions, at least for now. Of course, the USA and Europe have carefully thought through how to conditionally bypass Russian fossil resources. But! The market senses this and acts differently. Traders, shippers, insurers, and banks do not want to touch Russian oil, even via roundabout ways, so as not to accidentally or unintentionally fall into the grip of Western sanctions. What does this mean? A certain amount of Russian oil is being stockpiled, which is exactly what Western countries did not want. Oil and gas prices are currently literally sky-rocketing. Sanctions effectively mean a boycott of Russian oil.