Russia sells most of its oil above the "price ceiling" set by the G7, the Financial Times reports.

According to the publication, in August, almost three-quarters of all Russian crude oil shipments by sea went without Western insurance, a lever that was supposed to limit prices to $60 per barrel.

This figure is up about 50% compared to the spring.

This will change trade flows and increase the Kremlin's revenues as oil rises to $100 per barrel. The country's oil revenues are likely to increase by at least $15 billion in 2023.

Last week, oil prices exceeded $95 per barrel for the first time in 13 months.

However, Russia's oil sector still faces a number of serious challenges, including a lack of a domestic market for petroleum products and a general decline in exports.