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This is the best tl;dr I could make, original reduced by 83%. (I'm a bot)


China, the world's top oil importer, has continued buying Russian oil despite Western sanctions, after Russian President Vladimir Putin and Chinese leader Xi Jinping launched what they called a no-limit partnership before the war in Ukraine.
The executive with the Chinese firm involved in the shipments estimated a total of 18 Chinese supertankers and another 16 Aframax-sized vessels could be used for shipping Russian crude in 2023, enough to transport 15 million tons a year or about 10 percent of total Urals exports.
While most Russian crude is now heading to China, India and Turkey in Russian or non-western ships, G7 sanctions have led to a shortage of smaller ice-class tankers - many belonging to Greek and Norwegian companies - needed by Russia to transport its crude from Baltic Sea ports in winter.


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Russia is forced to sell its oil at much lower figure due to price cap or oil cannot be shipped.  They gambled Ukraine can be subdued before western nations sanction bite but failed.