Iran reportedly preparing to mine Strait of Hormuz, a possible boon for Russia's Ukraine war coffers
If the Strait were mined, Iran could block one-fifth of global oil demand and spike world energy prices — a boon for Russia's oil-dependent economy.
Russian oil news
'Important facility hit' — Ukraine attacks Russian oil refinery in Saratov Oblast, military says
"The occupiers use the capacity of this refinery to supply fuel and lubricants to Russian military units involved in the armed aggression against Ukraine," the General Staff reported on July 1.
Half of Americans support sanctions on countries that buy Russian oil and gas, poll finds
In a YouGov survey conducted June 12-16, 24% of U.S. adults said they "strongly support" sanctioning Russian energy buyers while 25% said they "somewhat support" secondary sanctions against these countries.
Amid Iran-Israel tensions, Trump calls for action to keep oil prices down
The surge in oil prices risks undermining Western attempts to curb Russia's war funding, as the Kremlin relies heavily on oil revenues to sustain its invasion of Ukraine.
Ukraine's deep strikes cost Russia over $10 billion this year, Syrskyi says
This includes $1.3 billion in direct damage. The estimated cost-to-result ratio of Ukrainian deep strikes is 1:15, Commander-in-Chief Oleksandr Syrskyi told journalists on June 21.
EU postpones lowering price cap for Russian oil amid tensions in Middle East, Politico reports
Ukraine has been calling on Western partners to lower the price cap on Russian oil from $60 to $30 per barrel. Meanwhile, two diplomats told Politico that the escalation of the conflict between Iran and Israel would make it impossible to impose new restrictions.
For the first time, Australia sanctions Russian shadow fleet oil tankers
"Russia uses these vessels to circumvent international sanctions and sustain its illegal and immoral war against Ukraine," Australia's Foreign Ministry said in a statement.
Putin 'cannot be trusted' as mediator, Kallas says, urges EU to tighten Russian oil cap after deadly Kyiv strike
EU High Representative Kaja Kallas urged the European Union to press forward with lowering the oil price cap on Russian crude, even without U.S. support, warning that Middle East tensions could otherwise drive prices up and boost Russia's revenues.
After 3 years of full-scale war in Ukraine, Europe finally lays out road map to detox from Russian oil and gas
After three years of limited measures and political hangovers, the European Union has laid out a legal roadmap to finally end its long-standing addiction to Russian oil and gas. Under a new legislative proposal announced in Strasbourg on June 17, Brussels aims to cut off all remaining imports of Russian
Russia evading oil sanctions with illegal transfers near Greece, Cyprus, HUR says
According to Ukraine's military intelligence (HUR), the vessel, operating without Western insurance, is part of Russia's expanding shadow fleet used to bypass G7 and EU sanctions on Russian oil exports.
High stakes, low resolve: What Ukraine can expect from the upcoming G7 summit
As world leaders prepare to gather in the remote community of Kananaskis in Alberta, Canada for the Group of Seven (G7) Leaders' Summit on June 15-17, Russia's war in Ukraine once again holds center stage — but views on how to address the three-year conflict diverge sharply. In the five months
US opposes lowering G7 cap on Russian oil, Bloomberg reports
The United States is opposing a push by other G7 members to lower the price cap on Russian oil from $60 to $45 per barrel, ahead of the group’s summit in Canada.
Israel-Iran war could provide economic boost Russia needs to continue fight against Ukraine
Israel's "preemptive" strikes against Iran targeting the country's nuclear program and killing top military officials could have far-reaching implications for Ukraine and could boost Russia's ability to continue its full-scale invasion, experts have told the Kyiv Independent. Iran has been one of Russia's staunchest allies throughout the war, providing thousands
Oil prices surge after Israeli strike on Iran
The price spike threatens to undermine Western efforts to choke off a vital revenue stream for Russia, which relies heavily on oil profits to sustain its war in Ukraine.
G7 ready to lower Russian oil price cap without US support, Reuters reports
Most G7 members are prepared to lower the Russian oil price cap from $60 to $45 per barrel even without U.S. support, Reuters reported on June 12.
EU could impose Russian oil price cap without US support, Kallas says
The European Union can impose an additional price cap on Russian oil without U.S. support, EU High Representative Kaja Kallas said at the Brussels Forum on June 11.
Zelensky urges 'stronger' EU sanctions on Russia, lower oil price cap
President Volodymyr Zelensky said the upcoming 18th EU sanctions package "could be stronger," especially in targeting Russian oil tankers and the financial sector.
Zelensky calls on West to slash Russian oil price cap in half as strikes on Ukraine escalate
"Each of the partners knows what price cap is needed — $30, no higher. Such a price level will mean real pressure on Russia," President Volodymyr Zelensky said on June 10.
Key to Russia’s defeat lies in its economy
As the war in Ukraine grinds on, attention remains fixed on the battlefield. But Russia’s most vulnerable flank is not in the trenches — it’s in the treasury. The West, and especially the United States, holds economic levers that could push Vladimir Putin toward serious negotiations or even collapse
Russia's budget deficit triples amid sanctions and low oil prices, Ukrainian official says
Ukrainian commissioner for sanctions policy Vladyslav Vlasiuk said international sanctions remain a key driver behind the decline in Russia's energy revenues.
Ukraine war latest: Trump admits to protecting Russia from 'really bad things'
Key developments on May 27: * Trump admits to protecting Russia from 'really bad things' during Ukraine peace talks * Russia builds power lines to connect occupied Zaporizhzhia nuclear plant to its grid, NYT reports * US blocks G7 push to tighten Russian oil price cap, Financial Times reports * Decision on lifting range
US blocks G7 push to tighten Russian oil price cap, Financial Times reports
The proposal was dropped after U.S. Treasury Secretary Scott Bessent reportedly declined to support it.
EU mulls cutting over 20 Russian banks from SWIFT, banning Nord Stream in new sanctions, Bloomberg reports
The new measures under consideration would also include lowering the Group of Seven oil price cap on Russian crude exports from $60 to around $45 per barrel.
Russia cuts key projects in aviation, tech, auto industries as oil revenues plummet
The Russian government is slashing budgets for major projects across a number of sectors amid an economic downturn and oil price collapse, the pro-Kremlin news outlet Kommersant reported.
EU to push G7 to lower Russian oil price cap, commissioner says
EU officials told Reuters they would propose bringing the cap down from $60 to $50 per barrel, as Brussels and its allies seek to further reduce the Kremlin's revenue from fossil fuel exports.
UK targets 101 ships in 'largest ever' sanctions against Russia's shadow fleet
The sanctioned oil tankers have transported over $24 billion in cargo since 2024, according to Downing Street. The U.K. has now sanctioned more shadow fleet vessels than any other country.
US, Russia discuss potential revival of Russian gas exports to Europe, Reuters reports
Washington’s involvement may also help mitigate political opposition in Europe, while giving the U.S. strategic visibility over future Russian energy flows, sources told Reuters.
As Trump suggests Putin feeling pressure of falling oil prices, Russian oil falls to two-year low
Trump said that Russia has grown more willing to negotiate an end to its war against Ukraine following a sharp decline in oil prices.
Trump says falling oil prices mean Russia 'wants to settle' a peace deal in Ukraine
"I think Russia, with the price of oil right now, oil has gone down, we are in a good position to settle, they want to settle. Ukraine wants to settle," U.S. President Donald Trump said.
OPEC+ to accelerate oil output, potentially lowering oil prices despite Russian reliance, Reuters reports
OPEC+, which includes Russia, agreed to a large oil production hike in June, Reuters reported on May 4, citing five unnamed sources.
Oil prices set for largest monthly drop since 2021, Reuters reports
The decline in crude prices started in early April when U.S. President Donald Trump announced new tariffs on imports. China responded with its own tariffs, sparking a trade war between the world's biggest oil consumers.
Republican senator calls for secondary tariffs on Russian energy buyers
"As to additional sanctions on Putin's Russia, I have bipartisan legislation with almost 60 cosponsors that would put secondary tariffs on any country that purchases Russian oil, gas, uranium, or other products," U.S. Sen. Lindsey Graham said on April 26.
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