The US is trumpeting the efficacy of the multilateral measures to hobble Russia's economy, even as oil exports from the country hit annual highs.

US Treasury Department deputy secretary Wally Adeyemo said on Tuesday that Moscow has had to redirect billions of dollars to pay for “shipping, insurance and other services” to support its oil trades, which are largely banned in the US and the European Union and subject to price caps in much of the rest of the world.