AFU Attacks On Oil Refineries Cost Russian Oil Industry More Than $11 Billion
20- 9.02.2026, 22:20
- 12,362
The war will be over soon.
Ukraine's campaign of strikes against Russian oil refineries (refineries) has caused oil companies to incur losses of more than 1 trillion rubles (over $11.1 billion). The deputy general director of insurance broker Mains Evgeny Borovikov told Kommersant. "According to our estimates, direct losses in the oil and gas industry from UAV strikes have long since passed 100 billion rubles (more than $1.1 billion), and together with profit loss and indirect losses - more than 1 trillion rubles (more than $11.1 billion)," he said." he said.
According to Bloomberg calculations, Ukraine has carried out 184 attacks on Russian oil facilities, including refineries, maritime infrastructure, tankers and pipeline lines, over 2025. Against this backdrop, pipeline shipments of oil to Russian refineries fell to a 15-year low last year, according to Argus calculations. The enterprises received 228.34 million tons of raw materials, which is 1.6% less year-on-year. At the same time, total oil refining in Russia in 2025 decreased by 1.7% to 262.3 million tons, a source in the industry told Kommersant.
In this regard, the loss ratio in insurance of risks of "terrorist attacks" and sabotage in 2025 exceeded 100%, having increased several times, market participants said. They attributed it to the growth of insurance claims, which led to a significant increase in tariffs and deductibles.
Director of the underwriting department for corporate types of insurance IC "Soglasiye" Alexey Khutoryansky said that the unprofitability in the company's portfolio has soared more than 10 times. "The dynamics in the market as a whole is presumably close to ours. Insurance premiums for these risks are currently already below payouts," he said. Another of the major insurance companies told Kommersant about an increase in their portfolio by at least 200%.
Russian insurance broker Remind notes that in 2025, the number of insurance events and the damage caused by them "has increased manifold." The company estimates the average size of losses from attacks on refineries at several hundred million rubles (several million dollars) per event.
SOGAZ also records a significant increase in the frequency of losses related to "terrorism." "The frequency of insured events is primarily due to the growing number of attacks on industrial and infrastructure facilities, while the severity of the consequences is due to changes in the tactics of terrorist attacks - a multiple increase in the number of UAVs and other means of destruction involved in a single attack," explained the head of Yugoria's property insurance underwriting center, Dmitriy Gavrilov.
In December 2025, the head of the Defense Ministry Andrey Belousov said that the efficiency of Russian air defense forces averages 97%. According to his data, last year Ukraine increased the average monthly number of UAVs produced by the Russian Federation to 3,700 units.
The head of the Security Service of Ukraine (SBU) Vasyliy Malyuk said that the Ukrainian military had carried out about 160 effective strikes on oil production and refining facilities on Russian territory in 2025. The most targets were hit in September and October, including six refineries, two oil terminals, three oil depots and nine oil pumping stations.
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