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New Sanctions Projected to Slash Russian Revenues by $50 Billion Annually, Ukrainian Intelligence Reports

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Photo of Dariia Mykhailenko
Dariia Mykhailenko
News Writer
Oil storage tanks stand at the Volodarskaya line operation dispatcher station, operated by Transneft PJSC, in Konstantinovo village, near Moscow, Russia, on April 7, 2020. (Source: Getty Images)
Oil storage tanks stand at the Volodarskaya line operation dispatcher station, operated by Transneft PJSC, in Konstantinovo village, near Moscow, Russia, on April 7, 2020. (Source: Getty Images)

Ukrainian intelligence agencies have provided their first detailed assessments concerning the anticipated financial consequences of the newest sanctions placed on the Russian Federation.

President Volodymyr Zelenskyy confirmed the details following a briefing from Oleh Ivashchenko, Head of the Foreign Intelligence Service of Ukraine, on October 30.

“We are registering significant losses for Russia from the restrictions already applied to oil companies and we predict that, provided principled and consistent pressure on Moscow continues, their losses from those recently applied restrictions alone will amount to no less than 50 billion dollars annually,” he said.

The President also indicated that more sanction measures are forthcoming from international partners, stating, “and we already have corresponding signals.”

Addressing Russia’s attempts to use energy markets for leverage, Zelenskyy added: “The volume of oil supplies from Arab states to the global market can certainly prevent any destabilization and price jumps in the market, with which the Russians are trying to scare people.”

Additionally, Zelenskyy noted the established data-sharing relationship with allies concerning Russian individuals and schemes “that deserve to have sanctions applied, and our partners are taking a significant portion of our proposals into account.”

The President urged partners to fully implement all measures targeting the Russian tanker fleet. He concluded by emphasizing the necessity for China to participate in efforts aimed at stopping Russia’s ongoing attempts to expand and prolong the war.

Earlier, a Russian oil tanker that was scheduled to deliver crude to India abruptly turned around in the Baltic Sea.

This unexpected maneuver suggests a potential breakdown in oil shipments between Moscow and New Delhi, occurring immediately after the United States imposed new sanctions on Russia's key energy corporations.

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