Kyiv: Ukrainian President Volodymyr Zelenskyy announced a substantial decline in Russia's oil and gas revenues, attributing the decrease to coordinated international sanctions. He stated that these measures have led to a reduction of at least $37 billion in Russia's budget income this year.

According to Anadolu Agency, Zelenskyy referenced a report from Oleh Ivashchenko, the head of the Foreign Intelligence Service, highlighting a 'noticeable decline' in Russia's oil production and refining for the first time since the conflict began. Zelenskyy shared on Telegram that the sanctions are impacting Russia's energy sector, with Russian energy firms potentially losing 'tens of billions more.'

He further explained that the sanctions are effectively reducing Russia's oil fleet capacity, noting that the country is now employing 'fewer tankers.' He described these developments as 'entirely justified legal blows' delivered by Ukraine's partners.

While Ukraine and its Western allies continue to enforce sanctions targeting Russia's energy sector since the start of the war in 2022, Russia has not yet commented on these reported financial losses.