Ukraine attacks Russia's oil as Iran war raises energy prices
Ukraine has launched drone attacks on Russian oil infrastructure, including facilities in Tuapse, Perm, and Ust-Luga, aiming to reduce Moscow's oil export revenues funding the war in Ukraine. The strikes have caused visible damage and environmental concerns, such as toxic smoke and oil spills, affecting areas far from the front lines. However, the economic impact remains uncertain as higher global oil prices, driven by the Iran conflict and eased U.S. sanctions, have boosted Russia's energy revenues.
- ▪Ukrainian drones have attacked oil facilities in Tuapse, Perm, and Ust-Luga, some located over 1,500 kilometers from Ukraine.
- ▪President Volodymyr Zelenskyy stated that attacks on Russia’s oil sector have cost Moscow at least $7 billion since the beginning of the year.
- ▪Despite the attacks, Russian oil exports and revenues rose in March due to higher global prices linked to the Middle East crisis.
- ▪Experts note that while the drone strikes appear dramatic, they mainly damage storage tanks rather than critical infrastructure like pump stations.
- ▪The International Energy Agency reported a 320,000 barrel-per-day increase in Russian oil exports in March, reaching 7.1 million barrels daily.
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In this image taken from video released by Gov. Veniamin Kondratyev's Telegram channel, smoke rises after a drone attack on the oil refinery and terminal in Tuapse, Russia, Wednesday, April 29. AP-YonhapUkrainian drones are flying deep into Russia to strike oil facilities, sending up plumes of smoke that can be seen from space and bringing toxic rain to tourist destinations on the Black Sea.The attacks are aimed at slashing Moscow’s oil exports, a key source of funding for its grinding invasion of Ukraine. But the economic impact is so far unclear, as the rise in oil prices from the Iran war, and a related easing of U.S.
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