Summary
Russia has increased attacks in eastern Ukraine and launched a large air assault against western cities. In response, Ukraine targeted Russian oil export sites, severely impacting Russia's oil revenue. These strikes appear aimed at hindering Russia's ability to fund its military efforts.
Key Facts
- Russia has intensified its military actions in eastern Ukraine and launched major air assaults on western Ukrainian cities.
- Ukraine retaliated by striking the Ust-Luga and Primorsk oil export terminals in the Baltic Sea, hitting Russian oil revenue hard.
- These strikes disrupted up to 40% of Russian oil exports, equivalent to 2 million barrels per day.
- Ukraine's attacks affected several oil platforms, causing significant damage and fires at the sites.
- Russia is the world's second-largest oil exporter, and these disruptions are among the most severe in its modern history.
- Recent rises in oil prices followed the U.S. and Israeli attacks on Iran, with prices increasing from $70.71 to $108.01 per barrel between late February and March 26.
- The Ukrainian military reported heavy fighting with Russian forces in eastern regions like Donetsk and Kharkiv.
- Russia's casualties have reportedly been high, with over 8,700 soldiers killed or wounded in a week of fighting.
