Ukraine intensifies strikes on Russian oil depots, a bonanza for Moscow since the blockade of Ormuz

Even though the confrontation in Ukraine takes place several thousand kilometers from the Persian Gulf, it is directly linked to the crisis in the Middle East, with the blockage of the Strait of Hormuz favoring a Russian economy that was previously very weakened.

The blockage of the Strait of Hormuz remains at the heart of tensions between the United States and Iran, Monday, May 4, as the U.S. Navy begins to escort ships stranded in the Middle East, following Donald Trump’s announcement on Sunday. But this standoff conceals another, between Russia and Ukraine.

With the surge in commodity prices following the blockade of the strait by Iran, Russia is earning much more money. In the case of crude oil, export revenues nearly doubled between March 1 and April 1, from 200 million euros to nearly 360 million euros, according to Russia Fossil tracker. A similar increase was observed for coal or liquefied natural gas (LNG).

This windfall is reinforced by the temporary lifting of American sanctions, which allowed Moscow to sell millions of barrels stored at sea. It has been a real lifesaver for the Russians, at a time when their economy was facing the worst difficulties.

Although the increase in oil prices has slowed down in April, this booty directly fuels the Russian war machine. It has become a target for Ukraine, which has systematically strengthened a strategy developed over more than a year, targeting refineries or oil depots. In 2025, over 200 strikes hit production sites in Russian territory, aiming to limit export capacities and cause shortages.

These strikes have intensified since the end of February, especially over the past two weeks, targeting sites located more than 1,500 km away from Ukraine. Since April 18, around ten depots have been attacked. Ukrainian drones have notably hit the Touapse and Perm terminals, on the shores of the Black Sea and in the middle of the Ural mountains. These two sites represent 10% of Russia’s total oil production capacity.

The exact assessment of the damage remains difficult to evaluate. All of this is surrounded by great opacity. However, leaked images give an idea of the extent of the damage, including a toxic plume that has enveloped the Touapse region for two weeks, where the fire at the large oil terminal 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 applying our own sanctions,” quipped the Ukrainian president, who promised to intensify attacks against a crucial source of income for Moscow’s war effort.