Zelensky: Russia loses 10% of its oil refining capacity, Putin leads his country toward bankruptcy

President Volodymyr Zelensky stated that in the first five months of this year, Russia's budget deficit turned out to be significantly higher than what the Russian authorities had planned for the entire year, and that a large number of regions in the aggressor state are already in a state of bankruptcy.

Zelensky stated this in his evening address, according to Ukrinform.

"As for Russia's overall state revenues – thanks to our comprehensive pressure at all levels – within the first five months of this year, their deficit has already grown far beyond what they had planned for the entire year. Putin has, of course, built a war chest – but certainly not enough to fight indefinitely. Every one of our responses, every joint step of pressure together with our partners, pushes Russia closer to ending its war. Already now, a significant number of their regions are in a state of bankruptcy, and Putin is leading Russia toward bankruptcy," Zelensky said.

According to the President, intelligence today reported on Russian losses caused by Ukrainian sanctions: "In just recent months, Russia's oil refining has dropped by 10%. It is also important to note that Russian oil companies are being forced to shut down their oil wells. This is even more significant. Given the nature of Russian oil production, this is what hurts them most – apart, of course, from losing money."

To restore production at the wells, Zelensky noted, "To restore production at its wells, Russia has to do significantly more than many other oil-producing countries that shut in wells even simply in response to market fluctuations. The Russians cannot do that. For them, losing production is truly very painful."

He added that the Russian authorities are trying to invent schemes to make money.

"We see these Russian schemes. We are documenting them. We will break them. I am grateful to many of our friends – friends of Ukraine, friends of our intelligence – who are helping with this," the President said.

As Ukrinform reported, Volodymyr Zelensky had earlier stated that Russia's budget deficit amounts to around $100 billion, and that as a result of the brief war in the Middle East, Russia covered only about 10% of it.