Ukraine launched drone strikes on two major Russian oil refineries on July 29, targeting Lukoil facilities in the Perm region and Rosneft in Ryazan. The Ryazan refinery, located approximately 400 km from the Ukrainian border, processes around 17 million tonnes of oil per year. On August 2, three additional refineries were struck in the Republic of Bashkortostan, including a major facility in Ufa. These strikes mark a significant intensification of Ukraine’s campaign against Russian energy infrastructure, aimed at depriving the Kremlin of revenue to fund its military operations. Analysts warn that sustained attacks on Russian refining capacity could pressure global fuel prices, particularly in diesel and jet fuel markets, with potential ripple effects on crypto valuations through inflation dynamics.
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