Putin's war machine hit as Ukraine cripples Russian oil industry - London Business News | Londonlovesbusiness.com

Ukrainian long-range drone attacks on Russian energy infrastructure have reduced oil refining capacity in recent months. The strikes target refineries, depots, and fuel infrastructure and are presented as a response to Russian bombardment of Ukrainian cities. Russian oil refining has fallen by around 10% according to a Ukrainian intelligence assessment. The damage has forced Russian energy firms to shut down oil wells, a costly and technically difficult process that can permanently affect production capacity. Russia’s state budget deficit for the first five months has already exceeded the level projected for the entire year. Zelensky links these effects to increasing economic warfare aimed at raising costs for Russia beyond the battlefield.

"“Ukraine is bringing Russia's war of aggression back home,” he declared. In his nightly address, Mr Zelensky said Ukrainian drone attacks on Russian energy infrastructure had sharply reduced the country's oil refining capacity in recent months, describing the strikes as a direct response to Moscow's bombardment of Ukrainian cities."

"“There was a time when dozens of Ukrainian drones striking Russia was a big deal,” he said. “Now, hundreds of our long-range sanctions every day are no longer a sensation.” The Ukrainian leader said deep strikes against targets linked to the Russian war machine had become increasingly routine as Kyiv ramps up domestic drone production and expands long-range operations far behind enemy lines."

"According to a Ukrainian intelligence assessment cited by Mr Zelensky, Russian oil refining has fallen by around 10pc in recent months following repeated attacks on refineries, depots and fuel infrastructure. He claimed the damage had forced Russian energy firms to shut down oil wells - a costly and technically difficult process that can permanently affect production capacity."

"Mr Zelensky also said Russia's state budget deficit for the first five months of the year had already exceeded the level Moscow originally projected for the entire year. “Already now, a significant number of their regions are in a state of bankruptcy,” he said. “And Putin is leading Russia toward bankruptcy.”"

Read at London Business News | Londonlovesbusiness.com