KI short logo

Opinion

Submit an opinion
An oil terminal in Saint Petersburg, Russia, on Sept. 26, 2025.
Opinion

How oil jackpot and sanctions failure are funding Russia's war

by Andrii Sukharyna

As recently as this January and February, Russia was going through its worst fiscal period since the start of the full-scale invasion of Ukraine. Oil and gas budget revenues had fallen by 50% year-on-year, and the deficit for the first two months reached $42 billion. The government was preparing to slash non-military spending by 10%. It seemed like sanctions were finally working. Then this happened: the United States struck Iran, and the Strait of Hormuz — through which one-fifth of the world'

More from Opinion

NewsLetters

News Feed

Tuesday, April 7

Ukraine proposes energy ceasefire to Russia, Zelensky says

"If Russia is ready to stop strikes on our energy infrastructure, we will be ready to respond in kind. This proposal has been conveyed to the Russian side through the Americans," President Volodymyr Zelensky said.

Ivan Marchuk, iconic Ukrainian artist, says he was scammed. He's now fighting for rights to his life's work

At nearly 90, the Ukrainian painter Ivan Marchuk — widely regarded as one of the country's most important living artists — has found himself fighting in court to maintain the full creative rights to his vast body of work. Marchuk turned to the courts last year after he said that he was deceived into signing away some of the creative rights for a period of 100 years to three other people — all for Hr 10,000 ($228). The process is still ongoing. "He has not lost hope for a fair resolution of th

Ukrainian painter Ivan Marchuk

How oil jackpot and sanctions failure are funding Russia's war

As recently as this January and February, Russia was going through its worst fiscal period since the start of the full-scale invasion of Ukraine. Oil and gas budget revenues had fallen by 50% year-on-year, and the deficit for the first two months reached $42 billion. The government was preparing to slash non-military spending by 10%. It seemed like sanctions were finally working. Then this happened: the United States struck Iran, and the Strait of Hormuz — through which one-fifth of the world'

An oil terminal in Saint Petersburg, Russia, on Sept. 26, 2025.

Most Popular

Editors' Picks

News Feed