Ukraine has caused $7 billion in damage to Russia

A series of strikes in late March and early April on major Russian oil terminals, particularly Ust-Luga and Primorsk on the Baltic Sea and Novorossiysk on the Black Sea, cost Russia approximately $2.2 billion in lost revenue, according to The Washington Post.

This is because the attacks forced the closure of port facilities for several weeks and a temporary reduction in export volumes.

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Recent strikes on Russian oil refineries will further increase this cost. The attacks on the Rosneft refinery in Tuapse caused such extensive damage that Russia may have to completely restore the refinery, potentially costing $5 billion.

Despite mounting losses, Russia's oil export revenues still increased due to the price hike caused by the war with Iran: they reached $19 billion in March, up from $9.8 billion in February.

Given the growing pressure of sanctions on the Russian budget and the rising cost of the war for the country's economy, Russia needs global oil prices to average $115 per barrel by the end of the year to meet its current 2026 budget plan without cuts.

Strikes on Russian oil infrastructure forced Russian oil companies to cut production by approximately 300,000-400,000 barrels in April.

Photo: social media.

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