Ukrainian strikes have crippled Russian refining, leaving 135 million barrels of crude stranded at sea even as exports hit a four-year high.

Ukraine has struck all 10 of Russia's largest oil refineries in 2026, impairing up to 42% of refining capacity and tightening global refined fuel markets.

A wave of Ukrainian strikes on Russian fuel infrastructure has reduced Russia's oil refining output to its lowest level in more than 21 years.