From a Russian point of view being paid is yuan is not an issue as they then use this yuan to buy Chinese goods, where trade between the two countries has reached record levels.
The thing is the whole price cap was never meant to be draconian with regards to Russian interests, merely to slightly hurt them but at the same time keep the price of oil worldwide down, because if they placed an outright embargo we would be looking at oil at 150 bucks a barrel due to lack of supply.
All it has really achieved is change where countries source their oil, with those who are willing to trade with Russia receiving a slight discount, this discount has narrowed once Russia started circumventing Western fleets and started using its shadow fleet which allows them to transport oil at whatever price someone is willing to pay.
According to both below Russian oil was trading at circa 80 bucks a barrel last September
Almost no Russian oil is sold below $60 cap, say western officials
Allies discuss ways to ‘toughen up’ key sanction as Moscow circumvents limits on seaborne crude
www.ft.com
One year on, Russian oil price cap partially delivers
A Western price cap imposed a year ago Tuesday (5 December) on Russia's oil has had limited success with Russia increasingly finding ways to deliver crude at prices above the $60 limit.
www.euractiv.com
