The International Energy Agency on Wednesday said Russia’s oil export revenues fell sharply in February, prompted by bans and price caps designed to curtail President Vladimir Putin’s ability to finance the war in Ukraine.

The IEA said Russia’s estimated oil export revenues fell to $11.6 billion last month, down $2.7 billion from January when volumes were significantly higher.

“It remains to be seen if there will be sufficient appetite for Russian oil products now that the price cap is in place or if its production will start to fall under the weight of sanctions. Revenues are already dwindling,” the group said in its latest oil market report.