ISTANBUL

Ukrainian President Volodymyr Zelenskyy said on Wednesday that Russia’s oil and gas revenues have sharply declined due to coordinated international sanctions, resulting in an estimated loss of at least $37 billion in budget income this year.

Citing a report from the head of the Foreign Intelligence Service, Oleh Ivashchenko, Zelenskyy said for the first time since the war began, a “noticeable decline” has been recorded in Russia’s oil production and refining.

“The oil and gas revenues of the Russian budget are decreasing, and by the end of this year, Russia will have lost at least 37 billion dollars in budget oil and gas income,” he said on Telegram, adding that Russian energy firms are losing “tens of billions more.”

He emphasized that the sanctions are “working effectively,” noting that Russia’s oil fleet is now using “fewer tankers” as a result of what he called “entirely justified legal blows” by Ukraine’s partners.

Russia has not commented on the claim of reported losses.

Ukraine and its Western allies have repeatedly imposed sanctions targeting Russia’s energy sector since the start of the war in 2022.