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This is CBS Eye on the World. Here's John Bachelor.

Our sanctions working to pressure Russia to back off from its aggression in Ukraine. European

war asks, all these sanctions are they going to lead to a better day? Right now, Royce

is reporting right now. Russian state oil revenues fall 40% on sanctions. Also, tanker owners

post record profits, traders and bankers say, also India trying to get cheaper oil, putting

these three things together. This is my colleague Michael Bernstom of the Hoover institution

who's been my guide on these matters for some time. Right now, what's changed since

Michael and I last spoke happily a week past is that there is a new cap on refined products

out of Russia. Refined products would be diesel fuel, jet fuel and heavy oil products necessary

for industry. However, this adds to the opportunity for traders and tanker owners and especially

India. How that happens is Michael's explanation. Good evening, Michael. This is exactly as you

said, Russia is going to lose money and everybody else is going to gain money. How is it that

India and China are benefiting from this? The sanctions are designed in a very brilliant

way. There's a total oil output available to the world, to all countries including the

...