That's still a rung lower in the added value chain. Minus the additional transportation. Minus slanted negotiation by China and India.
Also oil extraction is quite capital-intensive. A well will output most of its potential in the first 3 years. Currently, Russia is running on existing wells, and it currently is not profitable to establish new wells for them. For example Venezuela sits on deposits bigger than Saudi Arabia. At current prices it is not profitable to extract it.
They could buy runway for some time running negative, though. Provided they have the internal means to do so.
And there's the question of how much reserves and commercial balance they run at. That's what brought them to the negotiation table in 2014. We'll see what happens in a year or two.
Sanctions work.