Tuesday, March 24, 2026

Ukraine attacks Russia's funding!

BAD NEWS FOR OIL - FIRST THE IRAN WAR & NOW RUSSIA-UKRAINE! While the entire world was watching Iran. Ukraine quietly hit Russia where it hurts most. The money. In the early hours of March 23, Ukrainian drones struck Primorsk, Russia's largest oil export terminal on the Baltic Sea. The port's tank farm and oil-loading infrastructure were hit. Fires broke out. Operations at Primorsk and the nearby port of Ust-Luga, 80 kilometers to the south, were both suspended. Ukraine's General Staff confirmed it. Satellite data confirmed it. At least four tanks were burning, according to Radio Free Europe citing satellite imagery. That same night, Ukraine also struck the Bashneft-Ufaneftekhim oil refinery in Ufa...1,400 kilometers from Ukraine's border. A refinery that processes 6 to 8 million tonnes of oil per year. A facility that stores and supplies fuel directly to the Russian military. Russia intercepted more than 70 Ukrainian drones over the Leningrad region alone. Over 249 fixed-wing drones were claimed shot down across all of Russia overnight. Ukraine didn't care. The fires were already burning. Now let me explain why this matters. You need to understand what was happening to Russia before that strike. Before the Iran war started on February 28, Western sanctions had squeezed Russia's energy revenues to their lowest level since the pandemic. Russia's Urals crude had fallen to $40 a barrel. Oil and gas revenues had dropped to just 23% of Russia's federal budget...the lowest share in roughly two decades. Russia's real deficit was close to 3.6% of GDP, according to German intelligence. Then the US and Israel struck Iran. And the Iran war fixed Russia's budget problem overnight. Within two weeks of the Iran war starting, Russia's fossil fuel earnings hit €7.7 billion — $8.3 billion. Daily fossil fuel earnings rose 14% month-on-month, reaching €513 million per day. Russia's Urals crude which was trading at $40 just before the war — shot up alongside Brent. Refineries designed to process heavy crude suddenly needed Russian oil because Iranian supply had vanished. The European Council President said it plainly: "So far, there is only one winner in this war — Russia." And then the US made it worse. With oil prices surging and American gas stations hitting $4 a gallon, the Trump administration issued a 30-day sanctions waiver allowing India to buy Russian oil stranded at sea. Then a second waiver. Then allowed sanctioned Russian crude to move freely through April 11. Ukraine's President Zelensky said: "Our intelligence reports Russia faced a deficit of more than $100 billion in 2026. Now Washington is filling the Kremlin's war coffers." Russia's oil earnings went from crisis levels to windfall levels. In three weeks. Because of a war the US started in Iran. .. So Ukraine made a decision. If Russia is going to profit from Iran's war, profit that funds the killing of Ukrainians — then Ukraine will destroy the infrastructure that generates that profit. Primorsk handles approximately 60 million tonnes of oil per year. It is the final point of Russia's Baltic Pipeline System. It is one of the primary ports through which Russia's shadow fleet ships sanctioned crude to China and India. Damage it. And you cut the pipeline between Iran's energy disruption and Russia's war chest. Ukraine just attacked Russia's funding. And like it or now, it's now going to affect the entire world.

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