Russia nearing point where oil production becomes economically unviable — diplomat

Volodymyr Yelchenko, head of International Policy Research and former Extraordinary and Plenipotentiary Ambassador of Ukraine to the U.S., stated this on Espreso TV.

"Modern Russian diplomacy is rapidly descending to the worst times of the Soviet era. However, even then, Russian diplomats did not allow themselves to make openly boorish accusations against the West. This only indicates that they are nervous, because everything is not going as they would like.

The Russians hoped that through Donald Trump's careless policy, they would be able to start a negotiation process on terms that suited them. However, it was Donald Trump himself who imposed sanctions against Russian gas and oil companies," Yelchenko emphasized.

According to the diplomat, we currently have limited information about the consequences of sanctions against Russian gas and oil extraction companies, but today the price of Russian oil has already fallen below $40 per barrel.

"This means we are approaching a moment when it will not only be unprofitable for Russia to extract oil, but it will be completely unclear what to do with it. And since 50% of the Russian state budget, of which more than half is directed toward the war against Ukraine, depends precisely on the oil price, I think we will see these consequences very quickly," Yelchenko concluded.

• President Volodymyr Zelenskyy reported on December 24 that the peace plan, which Ukraine, the U.S., and Russia have been discussing for two months, consists of 20 points and includes additional documents on key areas.