Yeah, but they "cheat" a lot - for example, Belarus has made a mint serving as a reshipping platform for European goods. And for some reason they left Iceland off their list even though we supported the sanctions against them. Still, it's caused major food price inflation (unsurprisingly). Seems kind of a weird way to punish Europe, it seems obvious it's going to have a lot more effect at home than abroad - Russia's trade in food goods with Europe makes up far more of its imports than Europe's trade in food goods with Russia makes up of its exports. But I guess they didn't have a lot of options for "retaliation". I mean, Gazprom is already nearly going broke as it is, turning off the spigots would have rapidly ensured that it did. Oil and gas make up half of their government budget and 2/3rds of their exports - it'd sure punish Europe, but it'd also be economic suicide.
I think they're really hoping that the sanctions will just expire and they'll be able to go back to raking in western capital again. Because if they don't expire, barring some huge unexpected oil price surge, those reserve funds are going to dry up. They expect it to be down to under $40B by the end of this year. What they're going to do when it runs out, I have no clue. They need dollars and euros to buy the goods that their undersized industrial sector can't manufacture. China's a help but not a solution; they don't have the lending power of the US or EU to begin with, and their goal seems to be more exploiting Russia over the situation than offering friendly aid. For example, they got Russia to agree to the cutthroat rates on the proposed "Power Of Siberia" pipeline that they'd been trying to get for years and to let them own greater than 50% stakes on fields inside Russia. They got Russia to sell them their most advanced air defense system despite the objections of the defense industry over concerns that China would do what they always do with new technology - reverse engineer it and then produce it domestically. But who else are they going to turn to? China's basically becoming Russia's "loan shark". And at the end of the day, if it came down to it and China had to chose between the Russian market and the 20-fold larger market of the US and EU? It's not even a contest.