OilPrice · February 9, 2026 · 1 min read

Ukrainian Strikes Take a Heavy Toll on Russia’s Oil Refineries

Analysis

OilCyprus Editorial

Ukrainian strikes on Russian oil refineries have reportedly cost the Russian oil and gas sector billions of dollars. The attacks have caused both direct and indirect financial losses, impacting Russia's refining capacity and potentially its export capabilities.

Key Facts

Ukrainian attacks caused up to $12.9 billion in losses to Russia's oil and gas sector.
Direct losses for the sector exceeded $1.3 billion in 2025.
The report comes from a local Russian insurance broker, suggesting a degree of local insight.

Market Impact

The attacks could reduce Russia's refining output, potentially leading to decreased exports of refined products like gasoline and diesel. This could tighten global supplies and increase prices, especially in regions that rely on Russian exports. It may also force Russia to export more crude oil instead of refined products, impacting its revenue streams.

Why This Matters

This disruption to Russian refining capacity could significantly impact global oil product markets and geopolitical energy dynamics, affecting supply chains and pricing for industry professionals.

Read on OilPrice