Zelenskyy points out another oil-related impact of war for Russia

"Oil exports are the foundation of Russia’s arrogance, and if sanctions continue and are strengthened, Russia will suffer significant losses. At least $50 billion could be lost next year, and this is a strong argument for Russia to consider ending this war," Zelenskyy said.

He added that Ukraine is already in contact with the European Union regarding the 20th sanctions package and is presenting its proposals.

"We are also in touch with the United States. We expect key countries to support this course. We can already see that there will be a reduction in Russian oil imports by India and China, and we need to ensure sanctions are not bypassed through third countries," the President emphasized.

According to him, "reducing Russian oil is reducing Russia's war," and there should be no exceptions for anyone, including Hungary.

"The Russians are already thinking about how to sell their businesses, including in Europe, because they won't be able to operate them," Zelenskyy noted.

Sanctions against Russian oil companies

On October 23, US President Donald Trump announced a new package of tough sanctions targeting Russia's energy sector. The restrictions include major oil giants Lukoil and Rosneft, along with their subsidiaries.

From now on, any financial transactions with these companies or their divisions are prohibited.

On October 27, Russian oil company Lukoil announced plans to sell off its international assets following sanctions imposed by the United States and several other countries.

According to Ukrainian intelligence, Russia has already suffered significant losses from the newly introduced sanctions. According to forecasts, Russia's losses from restrictions on the oil industry alone could exceed $50 billion per year.