Expensive oil boosts Russian energy giant Rosneft's profit 13% to $7 billion in the first half of the year despite war-time sanctions

In the first six months of the year, profits at Russia's largest state-run oil firm rose by more than 7 billion dollars.

Despite sanctions from Western nations aimed at squeezing Moscow's ability to fund its war in Ukraine, the company raked in more net income.

According to the Wall Street Journal, Sechin said that the company was under an "unprecedented pressure of adverse external factors and unlawful sanctions."

Russia's oil industry fell apart early on. China and India stepped in to fill the gap caused by Western nations stopping buying crude from Moscow.

There will be a price cap on Russian oil in the future. The insurance and funding of shipments of fuel will be banned if buyers don't agree to the price cap.

If buyers don't comply with the price cap, there's a chance that the oil won't be shipped.

The International Energy Agency predicts that Russian oil output will fall by 1.9 barrels a day after the European Union sanctions.

The IEA said in its Wednesday report that more products and crude would have to find new homes. The EU's ban on maritime services may force third countries not to agree to the G7 price cap.