Information on current Russian losses due to sanctions as of 07/25/2026.
1. The largest oil terminal in Novorossiysk has halted shipments.
– The largest Russian oil terminal on the Black Sea, “Sheskharis” in Novorossiysk, has suspended tanker loading since July 21 due to increased Ukrainian drone attacks.
– The suspension is not related to weather conditions: a storm warning was declared only two days after the last loading was completed.
– Since the beginning of the year, about 650,000 barrels of oil were exported daily through “Sheskharis,” while Russia’s total sea export averaged 3.6 million barrels per day. Thus, about 20% of the country’s sea oil exports are at risk.
– Previously, Russian authorities warned all vessels in Russia’s economic zone in the Black Sea of increased danger due to possible attacks by Ukrainian air and sea drones.
– Earlier this week, the Caspian Pipeline Consortium terminal near Novorossiysk, through which Kazakh oil is exported, also suspended operations.
2. Russia may extend the ban on diesel fuel exports due to the fuel crisis.
– Russian authorities are considering extending the ban on diesel fuel exports for another month due to the worsening fuel crisis caused by Ukrainian strikes on oil refining infrastructure.
– Moscow is also discussing extending the ban on gasoline exports for another six months. Current restrictions on the supply of most types of diesel fuel and gasoline abroad expire on July 31.
– According to EA Analytics, the average oil refining volume in Russia in July will be 3.511 million barrels per day — the lowest since May 2002 and more than a third below the seasonal norm.
3. Russia has cut funding for key technological projects.
– The Russian authorities have sharply reduced funding for most national technological development projects due to the worsening state of the federal budget and increasing military expenses.
– According to the Center for Macroeconomic Analysis and Short-term Forecasting (CMASF), of the planned 324.4 billion rubles, eight key technological projects received only 201.9 billion rubles — 37.8% less than the planned amount.
– The biggest cuts affected space technologies, which received no funding from the planned 10 billion rubles, and the “Means of Production and Automation” project, whose funding was slashed by more than four times — from 52.2 billion to 11.8 billion rubles.
– The reduction in funding is explained by delays in implementing certain projects as well as the worsening budget situation.
– By the end of the first half of the year, the federal budget deficit reached 5.7 trillion rubles, while in the first quarter, every second ruble of budget expenditure was directed toward the war, and two-thirds of all tax revenues were effectively absorbed by military needs.
4. Russia plans to attract 1.5 trillion rubles from state banks to fund military expenses.
– The Russian Ministry of Finance is preparing to attract 1.5 trillion rubles from state banks to cover the growing budget deficit, which by the end of January–June reached almost 6 trillion rubles due to record war expenditures.
– To this end, the ministry registered two issues of federal loan bonds (OFZ) with a floating rate: 500 billion rubles maturing in 2037 and 1 trillion rubles maturing in 2042. Such securities are usually purchased by major state banks within pre-agreed deals.
– The need to turn to state banks arose after the actual failure of placing regular OFZs. After four unsuccessful auctions, two of which were canceled, one was recognized as unsuccessful, and another yielded only 9 billion rubles against the quarterly plan of 1.5 trillion rubles, the Ministry of Finance suspended public debt auctions indefinitely.
– Russia’s war expenses in 2026 may exceed the plan by 4–5 trillion rubles, with the government intending to finance about half of this amount through new borrowings.
– Meanwhile, the Bank of Russia forecasts that the federal budget deficit this year may increase to 8.2 trillion rubles.
5. The EU has imposed sanctions on Georgia’s only oil refinery due to Russian oil.
– The European Union, within the framework of the 21st sanctions package, included the only oil refinery in Georgia — the refinery in the port of Kulevi — in the sanctions list. The reason was the use of Russian oil and the export of petroleum products made from Russian raw materials.
– According to the EU Council, a ban on any operations with the enterprise will take effect in six months unless it stops working with Russian oil.
– The sanctions also covered three other Russian refineries, the Mozyr Refinery in Belarus, and the company through which Belarusian plants supplied fuel to Russia.
– The decision followed an investigation by the Center for Research on Energy and Clean Air (CREA), which showed that petroleum products made from Russian oil were supplied to the EU and the UK via the Georgian ports of Kulevi and Batumi.
– According to CREA, from February 2023 to February 2026, their export reached 1.2 billion euros, allowing Russian oil to effectively bypass the sanctions restrictions.
– In response to the threat of sanctions, the plant operator Black Sea Petroleum has already announced that from August-September 2026, it will cease purchasing Russian oil and switch to alternative raw material sources.
6. “Hellish sanctions” by the US against Russia stalled in Congress due to disputes over tariffs.
– A comprehensive bill on new sanctions against Russia is once again delayed due to disagreements between the Trump administration and Democrats over presidential powers in customs policy.
– Due to the lack of compromise, the House of Representatives went on a five-week break without passing the document. The Senate plans to consider it next week.
– The bill mandates sanctions against Russian leadership, state-owned companies, banks, energy projects, and foreign entities supporting the Russian defense industry.
– The most controversial provision allows the US president to impose tariffs of up to 100% on imports from countries purchasing Russian oil, petroleum products, gas, or uranium. Republicans insist that the decision to apply such tariffs should remain with the president, otherwise Donald Trump may veto the law. Democrats oppose this, fearing that it effectively grants the head of state overly broad powers in trade policy.
– Republican Michael McCaul is attempting to negotiate a compromise that limits the application of tariffs only to buyers of Russian energy. Meanwhile, the Senate warns that due to political disputes, the bill might not be passed before the August congressional recess.
