Putin Just Lost the Oil Windfall That Should Have Saved His War: Russia’s Crude Crashed to Half Its Peak as Ukraine Guts Refineries

Russia's flagship Urals crude averaged just $41.66 a barrel in early July — less than half its April peak and well below the level Moscow's budget assumes — as Ukraine's refinery strikes rob the Kremlin of an oil windfall. Russia's deficit has already blown past its full-year target by roughly 60 percent.

Putin Just Lost the Oil Windfall That Should Have Saved His War: Russia’s Crude Crashed to Half Its Peak as Ukraine Guts Refineries

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