Elvira Nabiullina, the head of the Central Bank of Russia, stated that the fuel situation is stabilizing across various regions of the country. “The circumstances vary everywhere, but according to our regional offices, there is indeed a stabilization occurring. In our baseline scenario, we anticipate that refinery capacities will be gradually restored by the end of the year,” Nabiullina said.
Context
- The fuel scarcity in Russia has emerged due to successful Ukrainian drone attacks on refineries, which have led to production cuts or complete shutdowns. As of early July, approximately 42.74% of Russia’s total refining capacity was reported to be incapacitated by these attacks, according to the General Staff of the Armed Forces of Ukraine.
- Illegitimate Russian President Vladimir Putin acknowledged on June 29 that Ukrainian drone strikes on refineries had resulted in fuel shortages in several regions but claimed that Russia is managing the situation.
- Meanwhile, media reports indicate that the shortage is pervasive across Russia, with long queues at gas stations and record-high gasoline prices.
