“According to reports, the world’s 100 biggest oil companies, including Russia’s Gazprom, have made a $23bn windfall profit in March as a result of the Iran war.”

“Russia has seen much of that windfall evaporate as a result of Ukraine’s strikes targeting its oil export terminals and inland infrastructure.”

“Reuters reported that Russia had missed out on 40 percent of its potential bonanza because Ukraine had destroyed its ability to export at least 2 million barrels of oil a day.”

“These strikes have all been confirmed by geolocated video footage or by Russian officials.”

“Ukraine struck two drilling platforms in the northern Caspian Sea and two oil pumping stations in Volgograd and Krasnodar Krai; an oil depot in the city of Tver northwest of Moscow; the Cherepovets Azot ammonia plant in the Volga region; the Sterlitamak Petrochemical Plant in the Republic of Bashkortostan; and the oil export terminal and refinery at Tuapse on the Black Sea.”

“Ukraine’s strikes, on the other hand, are a capability it did not have until it received Western-supplied kit last year.”

“Zelenskyy released a video showcasing 56 types of Ukrainian-built weapons, including 31 types of drones.”

“Since the beginning of the full-scale invasion, the capabilities of the Ukrainian defence industry have increased by more than 50 times.”

“Ukraine’s most devastating damage on Russian oil infrastructure came in the last 10 days of March and the first 10 days of April.”

“Satellite photography suggested that Primorsk had lost 40 percent of its storage facilities and Ust-Luga, 30 percent.”

“Market sources also said Russian energy company Novatek had suspended gas condensate processing and exports at Ust-Luga.”

“The two ports were still unable to handle oil shipments on April 3, industry sources told Reuters.”

“Finnish maritime officials told the agency in early April that shipments from the two ports were sharply down to 'individual vessels' instead of a weekly average of 40 to 50.”

“When an Aframax tanker did dock at Ust-Luga on April 5 – the first ship to attempt loading crude oil there in many days – Ukraine struck the port again the same night, setting alight three 20,000-cubic-metre storage tanks.”

“That same day, Ukraine also struck Primorsk and oil loading facilities at the Sheskharis oil terminal on the Black Sea, which is operated by Russian oil major Transneft. Geolocated footage showed fires at oil tanker berths there.”

“Satellite photography suggested offloadings had still not resumed on April 14.”

“In the attack, Ukraine also damaged a Kalibr missile-carrying frigate, the Admiral Makarov.”

“At least $200m of oil had been burned in Primorsk, according to an industry source.”

“On April 8, Ukraine hit Russia’s largest oil terminal in occupied Crimea at the port of Feodosia.”

“During the first 10 days of April, Ukraine also hit Russian refineries in Bashkortostan, 1,200km from its borders and in Nizhny Novgorod.”

“Only significant financial losses force Russia to consider a scenario of abandoning this war.”