Ukraine-Russia Conflict Spills into Global Energy Markets
The ongoing conflict between Russia and Ukraine is increasingly affecting the energy sector of both countries. In 2026, Ukraine intensified its attacks on Russia's oil infrastructure, targeting major refineries such as NORSI, TANECO, and others in Omsk, Perm, Volgograd, Ryazan, Moscow, Saratov, and Syzran.
According to the International Energy Agency (IEA), Russian refineries were attacked approximately once every three days on average during the first eight months of 2026. The situation continued to deteriorate in September, with several major refineries either significantly reducing production or suspending operations.
The impact on refined-product exports has been significant, with Russia's seaborne exports of oil products falling by 31.6% month-on-month in July, to around 1.36 million barrels per day, the lowest level recorded during the period under review.
For Moscow, this creates a double economic pressure: damage to refineries reduces domestic production of petrol and diesel, while the government has been forced to provide additional support to oil companies and take measures to stabilize the domestic fuel market.