Ukraine

Regional governors reported on Saturday that waves of Ukrainian drone attacks killed seven warehouse workers and injured dozens more. Another attack caused a fire to break out at an oil depot within the capital region. Evgeniy Pryshov, the governor of Tambov, said that 25 people were hurt after Ukrainian drones crashed?into the warehouse of Wildberries, Russia’s largest online retailer?in Kotovsk, located 475 km (295 miles) south of Moscow. Pervyshov, a Telegram user, wrote: "Seven night workers died right there on the spot." He added that 28 drones had been?also fired upon as they approached. He said that if they had...

Two sources with knowledge of the situation said that top Russian energy companies approached Indian refiners to request more gasoline following Ukrainian strikes which knocked out a large portion of Russia's refueling capacity. India is Russia's largest buyer of seaborne crude oil. Moscow's attempt to secure Indian gasoline represents a reversal of their energy relationship and highlights the impact of the Ukrainian attacks. Moscow is experiencing its worst gasoline shortage. One source with knowledge on the subject said that at least one cargo of Indian gas has already been shipped to Russia. More are expected. Nearly 40% of Russia's refinery...

Aleksandar Vucic, the president of Ukraine, said that Serbia would send Ukraine more humanitarian assistance but had not signed a regional agreement calling for more pressure to be put on Russia and for continued security aid for Ukraine. Vucic had earlier met President Volodymyr Zelenskiy and taken part in the regional Southeastern Europe - Ukraine summit. It was the first time in more than a decade that a Serbian president visited the Ukrainian capital. Vucic had also participated in the regional Southeastern Europe-Ukraine summit last year. Belgrade has had a long history of close relations with Moscow. It has refused...

After a series of antisemitic attacks on British streets, the British government used powers similar to proscriptions in order to combat state-backed threats. This power would effectively ban support for these groups, and give police and intelligence agencies?new powers to combat any threats related to them. Keir starmer, the Prime Minister of Britain, said that "these 'new powers' will make it easier for anyone to be prosecuted and jailed in Britain who is doing their dirty work." Since its establishment in 1979, the IRGC has been an elite military force loyal the Supreme Leader of the Islamic Republic. The Islamic...

St Petersburg, Russia's second largest city and the surrounding Leningrad area were hit by a major Ukrainian drone attack over night. A Baltic Sea port which handles oil exports was also reported to have been affected. Alexander Beglov, the governor of St Petersburg, said that the city's?6-million population had been subjected to a "large scale" drone attack. He did not give any details about specific targets but the local media outlet Bumaga reported that there was a fire in the oil terminal of St Petersburg. Alexander Drozdenko, Governor of the Leningrad region, said that drones struck the port of Vysotsk...

Four industry sources reported on Wednesday that Kazakhstan agreed to provide 50,000 metric tonnes?of fuel to Russia as humanitarian assistance in July and August. Russia has been stricken by fuel shortages, long queues and soaring gasoline and diesel prices over the last few weeks, as Ukraine has attacked Russian energy infrastructure, including oil refineries, to undermine Moscow's funding for war efforts. Sources in the industry have said earlier that Russia began importing gasoline from India. In summer, the?Russians consume at least 110,000 tonnes of gasoline per day. Vladimir Putin said that Ukraine is trying to create discord among the Russians....

Two industry sources confirmed on Wednesday that Russia began importing gasoline by sea from India in an effort to reduce fuel shortages caused by Ukrainian attacks against its energy infrastructure. Fuel shortages have been felt in all 11 time zones of Russia, with long queues and record gasoline prices. The Kremlin announced on Tuesday that Russia is in contact with other nations and discussing the importation of fuel at reasonable prices. The Indian oil ministry and the Russian energy ministry have not responded to requests for comment. A source in the industry said that at least 60,000 tons of gasoline...

Ukraine has hit a Russian refinery in Ufa for the second consecutive time, Volodymyr Zelenskiy, the president of Ukraine, said on Wednesday. Kyiv is intensifying its strikes in Russia. "Our plan to impose Ukrainian long-range sanction is being implemented every day," Zelenskiy said, referring the Ukrainian attacks deep within Russian territory. "This is a completely just response to everything Russia does against us." Zelenskiy reported that a strike was also carried out on a Russian military-industrial complex he described as "strategic", located in the Penza area, which he claimed made components for missile weapons used by Moscow to attack Ukraine....

NORSI, Russia’s fourth largest oil refinery, and the second largest gasoline producer, suspended operations after an?Ukrainian?drone attack on Wednesday. This move is likely to worsen fuel shortages across the country, according to?two sources in industry? on Thursday. Ukraine has said that its campaign of drone strikes against Russian energy installations is aimed at reducing a major source of funding for war and bringing the conflict closer to Russians. The President of Russia, Vladimir Putin, has stated that such attacks on civil infrastructure are meant to create a rift among the populace. Sources said that the attack at NORSI damaged CDU-5,...

Rumen Radev, Bulgaria's Prime Minister, said that the country will veto the latest European Union sanctions package against Russia. This is because they may negatively impact its economy. Also, because their government does not agree with the sanctions against a Russian Bishop. The EU's sanctions list was expanded on Monday by adding a total of?34 people and 47 entities that are linked to Russia’s military and industrial complex. It also includes a shadow fleet?of?oil-and-gas tankers?and others who have been involved in political interference. This includes a Russian Orthodox bishop. Radev said that the operation of Lukoil, the Russian oil company,...

Kommersant reported that the Russian government had authorized a few oil refineries to produce fuels at lower environmental standards for the domestic market. This is because the country has been experiencing fuel supply disruptions. According to data collected by, media reports and social media posts have indicated that there are supply disruptions in Russia in a dozen different regions. Only two regions of Siberia, besides the Russian-held Crimea have formally?confirmed these disruptions. Last week, Deputy Prime Minister Alexander Novak requested fuel market forecasts in order to avoid problems with fuel distribution and meet domestic demand. Ukraine has been targeting Russian...

The U.S. House of Representatives approved legislation Thursday that would provide 'aid to Ukraine' and impose new Russian sanctions. This is the latest indication that Republicans are willing defy their party leaders and push back against President Donald Trump. The House passed the Ukraine Support Act 226-195. It had been pending for months. A few Republicans signed a petition with Democrats to force a vote. On Thursday, Democrats and 18 Republicans joined forces with one independent who usually votes along side them to pass the bill. This was the latest indication of a rift in the nearly unanimous support that...

Officials said that Russian missiles hit?the Ukrainian capital Kyiv early Sunday morning, killing one person and injuring thirteen others as fires broke out throughout the city. As Ukraine's airforce warned of a missile threat, a series of powerful explosions shook the night. On Telegram, Kyiv mayor Vitali Klitschko reported that fires had broken out in a dormitory building, an apartment block and a grocery. Klitschko stated that several non-residential and warehouse buildings were damaged in the attack. In addition, parked cars and offices were set ablaze in "several" districts. Workers at one site swept through smouldering debris and sprayed bombed...

Regional governors reported on Saturday that waves of Ukrainian drone attacks killed seven people who were working at a warehouse in the capital region. They also caused a fire to break out at an oil depot. Evgeniy Pryshov, the governor of Tambov, said that 25 people were injured when Ukrainian drones?slammed? into a warehouse belonging to Wildberries, Russia’s?largest?online retailer?, in the town of?Kotovsk, located 475 kilometres (290 miles) south of Moscow. Pervyshov posted on Telegram that "Seven people working the nightshift?died right there on the spot." 28 UAVs were destroyed on approach. If they had succeeded in their mission, the...

As Kyiv continues its campaign against the 'Russian energy infrastructure, authorities in three Russian regions have reported deaths and injuries caused by Ukrainian drones and rocket strikes. Mikhail Yevrayev, the governor of 'Yaroslavl Region,' 250 km (155 miles) east from Moscow, where an oil refinery has been repeatedly attacked, said one man was killed and four others injured. He claimed that 19 drones had been?downed in the area, but did not specify which targets they were aimed at. Russian media reported that there were casualties in the Volga River region of Saratov after a drone attack on the city of...

Alexander Novak, the Deputy Prime Minister, said on Wednesday that Russia is considering prioritising fuel supplies to vehicles servicing large food retail chains. The government is concerned about fuel shortages, which are a result of the Ukrainian drone attacks against Russia's oil refineries and energy infrastructure. Two industry sources and a? After Ukrainian drone attacks caused a stoppage at large oil refineries, Russian gasoline production fell to an amount?equivalent only to around 65% the seasonal average consumption. "We discussed the importance of prioritizing fuel supplies for vehicles that deliver food products to major retail chains. Novak stated that it is...

Sergei Sobyanin, the mayor of Moscow, said that 340 Ukrainian drones were sent to the area around the capital in a 24-hour period. Most of them had been shot down by anti-aircraft unit far away from the city. Sobyanin posted on Telegram that "most of them were neutralised on the outer approach by air defence forces." "More that?50 enemy drones have been destroyed on their journey to Moscow." Sobyanin gives a detailed account of the number of drones that have been shot down by the anti-aircraft units. Ukraine has intensified its attacks against Russian infrastructure sites mainly related to the...

Traders and fuel market participants reported that the fuel?shortages?in Russia caused by?Ukrainian drone attacks on its refineries?have reached Central Asian nations, who are dependent on Russian supplies. Sources claim that the amount of jet fuel shipped by rail by Central Asia and Afghanistan dropped 92% from May to 3,800 metric tons in June, while gasoline supplies fell 34% to 99 300 tonnes. According to traders, diesel exports grew?in June from 167.500 tons in May to 237.700 tons. Despite the larger drop in June, Russian fuel imports to Central Asia & Afghanistan rose by 7% from a year earlier to 3,82...

The local RFE/RL branch reported that Tajikistan has 60 days worth of fuel reserves. It is also in discussions with nearby countries to secure future supplies. This comes amid acute fuel shortages in Russia, a major trading partner. Radio Ozodi quoted the minister Daler Juma as saying "The export of some types?of petroleum products is still continuing from Russia to Tajikistan." At the same time, some difficulties continue. The broadcaster quoted the minister as saying that Tajikistan worked with Kazakhstan, Turkmenistan and Iran to ensure it had the fuel it needed. Tajikistan is a small country with a population of...

Two sources familiar with the matter said that Russia's Saratov refinery stopped processing oil on Wednesday due to damage caused by a drone attack. In recent months, Ukraine has increased its attacks on Russia's energy infrastructure to try and undermine Moscow's military effort. Fuel shortages have been reported in Russia as a result of the attacks, with long queues at fuel stations, higher fuel prices and fuel exports being restricted. This week, the largest oil refinery in Russia, Omsk, halted its operations after a drone attack by Ukraine. Roman Busargin, the governor of Saratov region, said in a Telegram message...

Long/short hedge fund results prove that fundamentals are still important, and Europe continues underestimating its global power. In this midweek article, I will highlight some key stories that caught me eye?this week and may have been lost in the daily flood of market news. The pump doesn't work The late U.S. John McCain said in 2014 that "Russia is just a gas station posing as a nation." If that's the case, reports of Russia's people running out of fuel in the 4.5 year long war with Ukraine seem both absurd and very significant. The attacks on Russia's infrastructure have led...

After a drone attack on the largest oil refinery in Russia, motorists in the city of 'Omsk are lining up for fuel. This is one of the most serious attacks by the Ukrainians inside Russia since?the start of the war. Video showed a?but orderly? line of cars waiting at a fuel station on Monday evening, just hours after the terrorist attack. Witnesses in the Siberian City reported that there were longer queues Tuesday, but they were still manageable -- only around 20 minutes. Fuel was also available. Some people on the social network VKontakte complained about drivers who they called...

Kyrgyzstan, which was concerned about possible fuel shortages due to Ukraine's drone strikes against Russian refineries, asked Kazakhstan, Belarus and Azerbaijan to help ensure stable fuel supplies on Wednesday evening. The 7-million-strong Central Asian nation imports 90% of its fuel from Russia. Russia is also experiencing acute fuel shortages due to the Ukrainian strikes on energy infrastructure. Last week, Russian President Vladimir Putin stated that Moscow may ban diesel exports due to the growing domestic shortages. The Kyrgyzstan energy ministry released a statement saying that "to ensure sustainable fuel supply, official requests were sent to the government authorities of?Russian Federation?,...

Alexei Zabotkin said that the Russian economy will likely be affected by Ukrainian drone attacks against Russian oil refineries in the second half. Kyiv's increasing frequency of drone attacks has caused fuel shortages throughout Russia, the world's largest oil producer. Queues at petrol stations and restrictions on what each customer can purchase have been seen. Russia's refinery industry has reduced petrol production by 25% in the first half of this year, compared with last year. President Vladimir Putin asked officials to look for ways to boost the growth of the?Russian Economy. Zabotkin said to reporters that "of course,?the situation in...