Ukraine steps up strikes on Russian oil depots, a windfall for Moscow since Ormuz blockade

The blockage of the Strait of Hormuz is still at the heart of tensions between the United States and Iran on Monday, May 4, as the U.S. Navy begins to escort stranded ships in the Middle East, following Donald Trump’s announcement on Sunday. But this showdown hides another one, between Russia and Ukraine. With the surge in raw material prices following Iran’s blockade of the strait, Russia is making a lot more money. In the case of crude oil, export revenues nearly doubled between March 1 and April 1, from €200 million to nearly €360 million, according to the Russia Fossil tracker. A similar jump has been seen for coal and liquefied natural gas (LNG). This windfall is bolstered by the temporary lifting of U.S. sanctions which allowed Moscow to offload millions of barrels stored at sea. This has been a real lifeline for the Russians, at a time when their economy was facing the worst difficulties. Although the rise in oil prices has slowed down during April, this loot directly fuels the Russian war machine. It has become a target for Ukraine, which has methodically developed a strategy for over a year, targeting refineries or oil depots. In 2025, more than 200 strikes hit production sites in Russian territory to limit export capacities and cause shortages. These strikes have intensified since the end of February, especially in the last two weeks, targeting sites located over 1,500 km from Ukraine. Since April 18, around ten depots have been attacked. Ukrainian drones have notably hit the terminals of Tuapse, on the edge of the Black Sea, and Perm, in the middle of the Urals. These two sites represent 10% of Russia’s total oil production capacity. The precise assessment of the damages remains difficult to evaluate and is surrounded by a veil of secrecy. However, leaked images give a glimpse of the extent of the damage, including a toxic plume that has enveloped the Tuapse region for two weeks, where the fire at the large oil terminal has forced authorities to declare a state of emergency. In a message posted on May 1, Volodymyr Zelensky claimed to have cost Russia $7 billion since the beginning of 2026. “We are imposing our own sanctions,” joked the Ukrainian president, who has promised to intensify attacks against a crucial source of funding for Moscow’s war effort.