Russia loses billions as Ukrainian strikes hit oil revenues — The Economist

"Dramatic images are helpful. They bring the war closer to ordinary Russians far from the front lines. They demonstrate that Russia is not invincible," the article states.

However, the authors’ main conclusion concerns not the informational but the economic impact of the attacks.

"Our data analysis suggests Ukraine’s deep strikes have been more extensive, and more damaging to Russia’s economy and military production, than commonly assumed. They continue to grow in intensity," the agency notes.

Ukraine doubles strikes

The Economist analyzes 1,289 Ukrainian strikes on targets located more than 100 km from the Ukrainian border. According to the agency’s calculations, while 335 such strikes were recorded between 2022 and 2024, their number reached 658 in 2025 alone.

During a press conference in November 2025, Dmytro Lykhovii, spokesperson for the General Staff of the Armed Forces of Ukraine, reported that in August–September 2025, 51% of all long-range drones used by the Ukrainian Defense Forces were manufactured by Fire Point. Moreover, these drones accounted for 56% of all targets hit.

Later, in May 2026, Anatoliy Amelin, director of the Ukrainian Institute of the Future, stated that approximately 60% of all long-range strikes on Russian territory were carried out by the FP-1 and other Fire Point systems.

Attack tactics changing

The authors pay particular attention to the shift in Ukrainian tactics.

"This fits Ukraine’s new pattern of attack, striking critical Russian facilities repeatedly," writes The Economist.

Tuapse is cited as an example, where, following the initial attacks, Ukrainian forces struck the infrastructure again during repair work.

"Such a tactic inflicts economic pain in two stages. First, it makes quick repairs harder," the authors note.

Russia loses oil revenues

The agency also draws attention to the situation in the Russian oil refining industry.

"This spring Russian oil refinery production was 15% lower than the year before, despite high prices," the article states.

According to The Economist’s assessment, the impact of the strikes is already evident in Russian export revenues.

"The results suggest that, since June 2025, Russia has been earning less from fossil fuels than current Brent prices would predict—and that the shortfall has been widening," the agency says.

Additionally, Russia is cutting back on oil exports due to a fuel shortage caused by Ukrainian drone strikes.