Oil exports play a key role in funding Russia's invasion of Ukraine and new sanctions from the EU and U.S. aim to cut into Moscow's oil and gas export earnings.

Kyiv

Russian forces have invaded Ukraine from land, air and sea with strikes causing widespread damage. Global leaders have condemned the move and imposed sanctions.

Ukraine Invasion

Ukrainian President Volodymyr Zelensky has stated that Ukraine's long-range strikes on Russian refineries have reduced Russia's oil refining capacity by 20 percent. He noted that over 90 percent of these attacks were carried out using Ukrainian-made long-range weapons and called for additional foreign financial support to increase production of such arms.

The development coincides with new U.S. sanctions announced against Russian oil companies Rosneft and Lukoil, which are set to take effect soon and include potential secondary sanctions on foreign banks involved in their transactions. In response, Lukoil has announced plans to sell its international assets. Zelensky also expressed hope that an upcoming meeting between U.S. President Donald Trump and Chinese President Xi Jinping could further decrease Russian crude oil sales.

Ukraine's long-range strikes cut Russian oil refining capacity by 20%

Ukraine's long-range strikes on refineries inside Russia have reduced Moscow's oil refining capacity by 20 percent, Ukrainian President Volodymyr Zelensky has said. In comments published on Tuesday, Zelensky added that over 90 percent of those deep strikes were carried out by long-range weapons made in Ukraine. He said Ukraine needs additional foreign financial help to produce more of them. This comes as U.S. President Donald Trump raised the stakes by announcing sanctions against Russian oil giants Rosneft and Lukoil last week. Those sanctions are due to come into force on November 21 and carry the threat of secondary sanctions on foreign banks that handle their transactions. In response, Lukoil says it is selling its international assets. The company has stakes in oil and gas projects in 11 countries and has refineries in Bulgaria and Romania, as well as a 45 percent stake in a refinery in the Netherlands. Zelensky said he is hopeful that Trump's planned meeting with his Chinese counterpart Xi Jinping in South Korea this week will lead to further reductions in Russian crude purchases.

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Ukraine's long-range strikes cut Russian oil refining capacity by 20%

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Ukraine Invasion