Russia has limited options for “new” markets.
1. The biggest export by far is petroleum and petroleum products. Russia is already selling all it can without restriction, because this a commodity. Indeed, due to the price caps its probably selling more! But there is only so much petroleum demand in the world, and there is a lot of petroleum around.
2. Piped natural gas (#2 export) is the worst problem. You need pipelines to reach alternate markets. Russia already has pipelines to reach all potential markets in reach, westward. China is already served by pipelines from Eastern Siberia, which is sourced from an entirely separate set of gas basins than that which is servicing western customers. These sources are very distant from each other, and there is no connection between the two. Russia and China could, and are, fairly slowly, developing that Eastern trade, but it is not enhanced by extra gas from the west that Russia cannot sell. China isnt a substitute for western markets.
It is illegal for Russian companies to sell under the cap.
The companies pumping through pipelines to Europe are eyeing the end of the practice.
As I said earlier, they are investing into chemistry to convert excessive commodity into plastics and fertilizers.
Also at least two LNG plants are under construction and more planned.
Both LNG and chemical procession are exponentially more added value than just selling gas and oil.
Raw oil and gas are also rerouted to Asia, on top on LNG. The capacity of PS pipeline expanded and the exports are beating records each month, one more pipe to China is under construction and another planned.
It won’t happen overnight, but in several years the whole situation is going to be the long term blessing for the Russian economy.
Europe never planned to live with it. Green energy and American LNG are a pie in the sky.
The plan was that Russia has to collapse to this moment, and they’d have oil and gas under own control.
They are still betting on it, doubling down on stupid.
They sure can last one year burning a trillion. It is not sustainable for two or three years.