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Fuel shortages in Russia may achieve what nothing — and nobody — else could: force Putin to the negotiating table
July 7, 2026, 7:56 a.m. ETRussia’s oil refineries are burning as Vladimir Putin’s war on Ukraine is now being deeply felt domestically. An analysis in the Financial Times suggests that, so far this year, long-range Ukrainian drones have struck Russian targets, primarily in European Russia, 194 times. That number is accelerating.
On Monday, the Ukrainians successfully attacked Russia’s largest refinery — responsible for 8% of national capacity — in Omsk, some 2,500 kilometers from the border.
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About the Author
Jules RimmerJules Rimmer is a markets reporter in London.Rimmer spent more than 30 years as a trader and stockbroker, starting at Salomon Brothers in the “Liar's Poker” era, taking in ING Barings, Jefferies and ending it in emerging markets at Investec. He hung up his headset and pivoted to journalism in 2021.
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