Podcast host Alex Gabuev is joined by Sergey Vakulenko, a senior fellow at Carnegie Russia Eurasia Center and leading expert on Russia’s energy sector, to discuss the state of the Russian oil and gas sector, which remains a crucial source of revenue for Putin’s war machine.
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?