Ukraine intensifies strikes on Russian oil depots, a real windfall for Moscow since the blockade of Ormuz.

The blockade of the Strait of Hormuz remains at the heart of tensions between the United States and Iran on Monday, May 4, as the US Navy begins to escort ships stranded in the Middle East, following Donald Trump’s announcement on Sunday. But this showdown hides another one, between Russia and Ukraine.

Due to the surge in commodity prices following the blockade by Iran, Russia is reaping much more money. In the case of crude oil, export revenues almost doubled between March 1 and April 1, from 200 million euros to nearly 360 million euros, according to the Russia Fossil tracker. A similar increase has been observed for coal or liquefied natural gas (LNG).

This windfall is further amplified by the temporary lifting of American sanctions, allowing Moscow to sell millions of barrels stored at sea. This has been a real lifeline for the Russians, at a time when their economy was facing the worst difficulties.

While the rise in oil prices has eased during April, this loot directly fuels the Russian war machine. It has become a target for Ukraine, which has methodically developed a strategy for over a year, targeting refineries or oil depots. In 2025, more than 200 strikes hit production sites on Russian territory, aiming to limit export capacities and cause shortages.

These strikes have intensified since late February, especially in the past two weeks, targeting sites located over 1,500 km from Ukraine. Since April 18, around ten depots have been attacked. Ukrainian drones have specifically hit the terminals of Tuapse, on the Black Sea coast, and Perm, in the middle of the Urals. These two sites represent 10% of Russia’s total oil production capacity.

The precise assessment of the damages remains difficult to evaluate and is shrouded in great opacity. However, leaked images hint at the extent of the damage, including a toxic plume that has enveloped the Tuapse region for two weeks, where a fire at the major oil terminal forced authorities to declare a state of emergency.

In a message posted on May 1, Volodymyr Zelensky claimed to have cost Russia $7 billion since the beginning of 2026. “We are applying our own sanctions,” quipped the Ukrainian president, who promised to further intensify attacks against a crucial source for Moscow’s war effort.