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Strikes on Russian oil refineries should not be overestimated — investment banker Fursa

2 February, 2025 Sunday
18:31

Investment banker Serhiy Fursa explained that Russians manage to repair oil refineries, which Ukraine strikes, relatively quickly

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He shared his opinions with Espreso TV.

"One should not overestimate our (Ukraine's - ed.) strikes on Russian refineries. Yes, they burn and explode nicely, and I like that. Yes, the Russians are forced to spend money on repairs. However, all these plants are being repaired. In fact, if you look at the list of plants we’ve struck over the past year, all of them are operational. The refineries that the Ukrainian Armed Forces recently hit are now being repaired by the Russians, but eventually, they will start working again. These are huge facilities that are restored quite quickly. So, in terms of the effect of such strikes, there’s little of it," Fursa explained.

The banker noted that sanctions can indeed affect Russian revenues from the sale of petroleum products. Their share in the oil product markets of China and India is decreasing.

"As for the shadow Russian fleet, there may be an effect, and we’re already observing it. Specifically, new sanctions forced India to negotiate with someone else. Either no one wants to deal with sanctioned ships, or the Russians can bypass the sanctions, but oil prices will rise to such a level that India will find it unappealing. The share of Russian oil products in the Chinese and Indian markets is falling. So, sanctions are indeed useful and may affect Russian revenues from oil sales," he added.

  • On the night of January 29, drones of Ukraine's Defense Intelligence struck the Lukoil oil depot in the city of Kstovo, Nizhny Novgorod region. Russia's Defense Ministry claims to have intercepted and destroyed 104 UAVs.
  • On January 31, it was reported that Russia had suspended oil transit through the Ust-Luga port on the Baltic Sea due to a drone attack on a pumping station.
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