Podcast

Putin’s War Engine: How Healthy is Russia’s Oil and Gas Industry? With Sergey Vakulenko

by Alexander Gabuev and Sergey Vakulenko
Published on September 18, 2025

The Russian oil and gas sector has been under significant pressure this year, but has continued to withstand sanctions. Recently, however, Ukraine has launched a series of massive drone attacks against Russian oil refineries, significantly lowering their capacity and making a noticeable dent in Russia’s horn of plenty. 

At the same time, global oil prices have slumped, which further complicates Moscow’s management of budget revenues. How is Russia coping with these challenges? Is the expanded energy partnership with China providing a helping hand? And are Western hopes that the Russian war economy’s energy engine will break down in the next twelve months rooted in reality?

Carnegie does not take institutional positions on public policy issues; the views represented herein are those of the author(s) and do not necessarily reflect the views of Carnegie, its staff, or its trustees.

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