Despite initial predictions that Western sanctions on Russian energy would keep oil prices high, the market has seen a steady decline due to a significant redirection of Russian oil exports from Europe to countries like China, India, Turkey, and African nations. This shift, facilitated by a new, non-Western financial system developed by the BRICS countries, allowed Russia to maintain export volumes and revenues due to its low production costs. Similarly, Iran, also under heavy sanctions, has significantly increased oil production and revenues, demonstrating the ineffectiveness of sanctions in constraining these nations' oil trade. The overall decrease in global oil prices is beneficial for most economies, particularly those in the BRICS bloc, and is further driven down by a reduction in demand from China due to the widespread adoption of electric vehicles.