The Russian government is slashing budgets for major projects across a number of sectors amid an economic downturn and oil price collapse, the pro-Kremlin news outlet Kommersant reported.
EU officials told Reuters they would propose bringing the cap down from $60 to $50 per barrel, as Brussels and its allies seek to further reduce the Kremlin's revenue from fossil fuel exports.
The sanctioned oil tankers have transported over $24 billion in cargo since 2024, according to Downing Street. The U.K. has now sanctioned more shadow fleet vessels than any other country.
Washington’s involvement may also help mitigate political opposition in Europe, while giving the U.S. strategic visibility over future Russian energy flows, sources told Reuters.
Trump said that Russia has grown more willing to negotiate an end to its war against Ukraine following a sharp decline in oil prices.
"I think Russia, with the price of oil right now, oil has gone down, we are in a good position to settle, they want to settle. Ukraine wants to settle," U.S. President Donald Trump said.
OPEC+, which includes Russia, agreed to a large oil production hike in June, Reuters reported on May 4, citing five unnamed sources.
The decline in crude prices started in early April when U.S. President Donald Trump announced new tariffs on imports. China responded with its own tariffs, sparking a trade war between the world's biggest oil consumers.
"As to additional sanctions on Putin's Russia, I have bipartisan legislation with almost 60 cosponsors that would put secondary tariffs on any country that purchases Russian oil, gas, uranium, or other products," U.S. Sen. Lindsey Graham said on April 26.
India's imports of Russian crude are likely to hit 2.15 million barrels per day in April, the highest volumes since May 2023, Bloomberg reported on April 22, citing Kpler data.
Ukrainian intelligence has identified the captain of the oil embargo-breaking tanker FACCA, a part of Russia’s so-called “shadow fleet” of oil tankers.
The vessel's captain is a Chinese citizen, and the rest of the crew are nationals of Myanmar.
President Volodymyr Zelensky announced a new sanctions package targeting Russia’s “shadow fleet” during his nightly address on April 10.
The proposed law would authorize U.S. authorities to confiscate oil cargoes transported by vessels blacklisted by the Treasury Department. Proceeds from the sale of the seized oil would be directed toward reducing the U.S. national debt.
The blaze broke out in one of the facility’s technological units after gasoline reportedly leaked from a column and ignited, sources told the channel. According to Russian emergency services cited by the pro-government outlet Interfax, the fire spread across an area of approximately 100 square meters.
U.S. President Donald Trump has inadvertently hit Russia’s economy after his "Liberation Day" tariffs caused oil prices to drop drastically on April 7, with potentially massive ramifications for the Kremlin's ability to fund its ongoing war in Ukraine. Russia has so far failed to agree to a full
Kremlin spokesperson Dmitry Peskov attributed the price decline to "the US decision to introduce tariffs for most countries in the world."
The 20-year-old Andaman Skies was last week barred from entering the Indian port of Vadinar due to safety concerns over its seaworthiness.
Russia's Finance Ministry said the government lost roughly 230 billion rubles ($2.7 billion) in tax income compared to March 2024, with oil and gas revenues accounting for one-third of the total state income.
Donald Trump previously threatened to impose additional tariffs against Russia, threatening a "25% tariff on all oil, a 25- to 50-point tariff on all oil."
Key developments on March 24: * Russia, US finish 12-hour-long negotiations in Saudi Arabia * Russian missile strike on Sumy injures 88, including 17 children * 'Important but small operations' — Ukraine reclaims territory near Dvorichna in Kharkiv Oblast, military says * Oil pumping station in Krasnodar Krai shut down due to damage caused by
Moscow claimed earlier that Ukrainian drones struck the Kavkazskaya oil pumping station overnight on March 19, damaging infrastructure and igniting a fire. Firefighters continued battling a fire at the oil depot for the fifth day.
Firefighters continue battling a fire at an oil depot near the village of Kavkazskaya in Russia's Krasnodar Krai for the fifth day after a drone attack, local authorities claimed on March 24.
Key developments on March 21: * Zelensky, Pavel meet in Kyiv to discuss security guarantees for Ukraine * Ukraine has brought back over 4,000 prisoners of war from Russian captivity since start of full-scale invasion, Zelensky says * Russia's Kavkazskaya oil facility still burning after two days, more explosions reported * Ukraine accuses
The shadow fleet refers to aging and largely uninsured oil tankers that Russia uses to transport oil above the $60 per barrel price cap.
A Russian oil pumping station in Russia's Krasnodar Krai is still on fire after reportedly being struck by Ukrainian drones on March 19, with further explosions reported overnight. "During the extinguishing process, due to depressurisation of the burning tank, there was an explosion of oil products and release of burning
The attack reportedly resulted in damage to a pipeline connecting storage tanks, sparking a fire that covered an area of about 20 square meters.
"Overnight, the Ukrainian Armed Forces again attempted a massive drone attack on facilities located in the region, including a fuel and energy complex," Astrakhan Oblast Igor Babushkin claimed on March 17.
The Trump administration dealt a blow to Russia's energy sector last week after it let lapse an exemption allowing Russian banks to use U.S. payment systems for energy transactions. The move closed an important financial channel for Russian oil and gas exports and comes as Washington looks for ways
"They are taking a break for now while contemplating if there are ways to work around," a source told Reuters.
"The area of the fire is more than 1,000 square meters, and emergency services are working," Krasnodar Krai Governor Veniamin Kondratiev said.
A large fire covering over 1,000 square meters engulfed the Tuapse oil refinery in Russia's Krasnodar Krai overnight on March 14, regional Governor Veniamin Kondratyev said on Telegram.
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