Ukrainian Strikes Cost Russia’s Oil Sector Over $13 Billion in 2025

Russia’s oil sector suffered losses of over $13 billion as a result of Ukrainian strikes in 2025.

A senior executive at the insurance broker Mains reported this to Kommersant.

Mains Deputy CEO Yevgeny Borovikov specified that direct losses to the oil and gas sector from drone strikes exceeded RUB 100 billion.

At the same time, lost profits and indirect losses amounted to more than RUB 1 trillion.

Bloomberg’s calculations, based on statements by Ukrainian and Russian officials, show that Ukraine carried out 120 attacks on Russian energy facilities in 2025.

The biggest targets were oil refineries, which accounted for 81 incidents. Maritime infrastructure, including offshore oil and gas fields, was attacked 27 times.

Pipelines and oil tankers were also targeted, eight and four times, respectively.

August recorded the highest number of attacks on oil refineries (14), while December recorded the highest total (24).

Oil supplies

Analysts at the consulting firm Argus noted that, amid the attacks, crude oil supplies via pipelines to Russian refineries fell to their lowest level in 15 years.

In 2025, oil refineries received 228.34 million tons of crude oil, which is 1.6% less than in the previous year.

Total refining in Russia decreased by 1.7% to 262.3 million tons.

Insurance companies reported that payments for “terrorism” and sabotage risks exceeded 100% of premiums collected. A sharp rise in insurance claims led to a substantial increase in losses.

Alexey Khutoryansky, head of the corporate underwriting department at Soglasie Insurance Company, said that the company’s portfolio losses had increased more than tenfold. According to him, insurance premiums for these risks currently do not cover the amount of payments.

Other large insurers have also recorded a significant deterioration in their financial performance. One market participant estimated the increase in losses at least 200%, and broker Remind reported a substantial increase in the number of insurance claims and average losses from a single strike on an oil refinery, totaling several hundred million rubles.