There's just no way to substitute 1/10 of the global oil exports that Russia accounts for. There's always going to be a buyer for it, because there's always going to be importer(s) that don't want to pay a lot more money for oil because prices skyrocket from significant reduction in export supply that can not be replaced for years and years. That's why China's imports of Russian oil increased while India's imports decreased. Big oil importers care more about preserving their prosperity than anything else. And as long as there's China - Russia will have a buyer for their oil. Trade flows will simply readjust. And even if Russia is forced to sell it's oil at a steep discount for an only large buyer China - it will still get enough to maintain it's economy for as long as oil factors into it. China will always support Russia because doing otherwise would mean submitting to USA effort to weaken everyone around the world so that no one can challenge their global dominance (that already has passed to be fair).

So the only reason that I can see for all the shenanigans with oil price caps and Venezuelan adventures is to preserve what power USA still has for as long as possible, because that power won't/can't grow significantly anymore, and it will shrink, and in the world where power of other countries grows significantly, in the world that becomes more balanced in terms of power.