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Russian Oil Exports Decline Following Ukrainian Strikes on Ports and Refineries
Ukrainian strikes on Russian energy infrastructure have led to reduced oil exports and production cuts. Sources indicate significant revenue losses for Russia despite a U.S. sanctions waiver. The attacks targeted multiple facilities, impacting transhipments and refinery operations.
Apr 24, 12:52 PM·2m read1 source
Ministry of Culture and Information Policy of Ukraine / Wikimedia (CC BY 4.0)Audio version
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Ukraine has conducted strikes on Russian oil ports and refineries, resulting in decreased oil exports, according to multiple reports. Al Jazeera reported that these actions have caused Russia to lose an estimated $2.3 billion in oil revenue in March alone, as stated by Ukrainian President Volodymyr Zelenskyy in a video address on April 19.
Russia's oil transhipments fell by 300,000 barrels per day in March, and refined products by 200,000 barrels per day, Ukraine's foreign intelligence service reported, citing S&P Global Platts.
In April, Russian oil exports have declined further, potentially reaching their lowest levels since 2023, according to Kommersant. Reuters calculated that Russia has cut crude production by 300,000 to 400,000 barrels per day, based on assessments from five sources.
The U.S. waived sanctions on Russian oil in early March and renewed the waiver on April 13 until May 16, in response to Iran's closure of the Strait of Hormuz. Sweden's military intelligence chief Thomas Nilsson stated to the Financial Times that Russia would need oil prices above $100 per barrel for the rest of the year to address its budget deficit.
16, Ukraine struck oil loading berths and the refinery at the Tuapse port on the Black Sea, according to Ukraine's General Staff. Additional strikes on Tuapse occurred on April 20 and 21, causing fires, Ukrainian officials reported. Sources told Reuters that the Tuapse refinery halted operations due to inability to ship refined products.
On April 18, Ukraine struck refineries in Sizran and Novokuibyshevsk, about 1,000 kilometers from the Ukrainian border, said Andriy Kovalenko, head of Ukraine's Center for Countering Disinformation. The following night, Ukraine targeted the Atlant Aero company, which produces drones, Kovalenko added.
