Keep it at...level sufficient to cover domestic needs and that of dependent economies in CIS, as well as allies such as China and India.
That might be a smart move, but it will sting Russia.
I believe I saw something a few years ago about China entering into an oil deal with Russia. If I did, the deal was favorable to China, so it may not give Russia the economic boost it'd need--but, I may be wrong about that. I
did a quick look at oil imports to India, doesn't appear Russia supplies much, if any, oil to India. That'd be a helluva market to tap, but India might not be that willing right now. India is walking a tightrope, it needs Russia for defense products, but needs the US for protection against China. IMO, India is going to be heavily courted in the coming decade. If America is willing to **** off Pakistan, it might decide to start supplying India with defense stuff if it walks away from Russia.
would place export controls on palladium, nickel, platinum to make it much more expensive
That would be another thing that'd hurt the West, but, then, again, the West might be willing to take the hit and stop--or diminish--its purchases. It'd hit Russia hard, also; at some point, the lack of Russian economic diversity comes into play, I'd think.
Plus, how does this effect Putin domestically? At what point do the oligarchs start getting squeamish and pull resources to lobby for change? Or, do they? Billionaires do not like to be relegated to Millionaires, typically.