Russian oil companies suffer record losses from refinery strikes

Russian oil companies have suffered losses of more than RUB 1 trillion (about US$13 billion) from drone raids on oil refineries.

Source: Yevgeny Borovikov, Deputy CEO of insurance broker Mains, speaking to Russian newspaper Kommersant, as reported by The Moscow Times, an independent Amsterdam-based news outlet

Quote: "By our estimates, direct losses in the oil and gas sector from UAV strikes have far exceeded RUB 100 billion [US$1.3 billion] and together with lost profit and indirect losses exceed RUB 1 trillion [US$13 billion]."

Details: Bloomberg estimates that in 2025 Ukraine carried out 120 attacks on Russian oil refinery facilities.

The bulk of the strikes hit their targets, 81 in total. Maritime infrastructure including oil and gas fields was attacked 27 times while pipelines and tankers were targeted 8 and 4 times respectively.

August saw the highest number of refinery raids, 14, while December recorded the most attacks overall, 24.

As a result, pipeline deliveries of crude to Russian refineries fell in 2025 to their lowest level in 15 years, 228.34 million tonnes, according to Argus calculations.

Background: Gazprom's supplies to Europe fell by 44% in 2025 to 18 billion cubic metres.

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