Russia’s oil exports have dropped by 9.1% to 113.7 million metric tons in 2024.
This is due to Ukraine targeting Russia’s fossil fuel infrastructure. Ukraine has been using drones to attack refineries, making it harder for Russia to export oil. In Tuapse, a major refinery area, exports plummeted by a third to 9.1 million tons.
Russia’s refineries have also had problems processing oil. They processed around 267 million metric tons of oil in 2024, the lowest since 2012. This is due to rising production costs and falling prices, as well as an export ban on gasoline.
Exports from other ports have also been affected. Baltic ports saw a 9% drop to 61.96 million tons, while Black and Azov Sea ports dropped by 10% to 42.75 million tons. Arctic ports, including Murmansk and Arkhangelsk, saw a 14% decline in exports.
However, there was an increase in marine oil exports in December, up by 10.8% to 10.37 million tons.
The US and UK have also targeted Russia’s oil sector with sanctions. These measures have increased the price of Brent crude oil by nearly $5 per barrel.
Russia has responded by launching a missile attack on Kryvyi Rih, resulting in the deaths of four people. The US has assured Russia that it will not deploy nuclear weapons in Ukraine.
Ukrainian forces have also had success against Russian drones. They downed 33 out of 50 drones launched by Russia overnight, and another nine were lost.
NATO is taking over some responsibilities from the US in coordinating aid for Ukraine. Germany is being criticized for its hesitancy in supporting Ukraine.
The conflict continues to escalate, with both sides suffering casualties. The Russian hacker group Star Blizzard has been impersonating US government officials to scam people into joining WhatsApp groups to support Ukrainian NGOs.