Ukraine’s escalation since spring 2026 has been systematic and near-daily, and marks a strategic shift toward hard-to-replace components, making each strike more consequential and harder to recover from. Strikes have been reaching energy assets deep inside Russia, taking substantial capacity offline for extended periods.
In this report, we examine the chronology and structure of the strikes, which energy assets have been hit, and the extent of the damage. We also evaluate the impact on international crude and product markets, before looking at Russia’s domestic market and the government’s response.