"Black Week" For Russia

A drone attack on Moscow, a plunge in oil company stocks, and new sanctions.

The Russian oil sector is losing billions amid drone attacks on Moscow and Trump’s statements about a possible tightening of sanctions. And all of this in just one week. “Focus” asked an energy expert what the consequences of such a “dark period” would be for Russia.

Following yet another drone attack on Moscow and statements about a possible tightening of sanctions against Russia’s oil and gas industry, investors began selling off shares in the country’s largest companies en masse. The energy sector, which remains the main source of foreign currency revenue for the Russian budget, came under the greatest pressure.

Moscow Never Sleeps: Drones, a Fire at an Oil Refinery, and Paralyzed Airports

On June 18, Moscow and several regions of Russia were subjected to a large-scale drone attack. According to preliminary data, a total of more than 500 drones were launched across Russia. About 200 drones were reportedly heading toward Moscow, and Russian air defense forces claimed to have shot down approximately 180 drones as they approached the capital. Meanwhile, the Russian Ministry of Defense reported the destruction of 555 drones over various regions of the country.

At the same time, according to media reports, several drones managed to reach Moscow. The main target of the attack was the Moscow Oil Refinery in the Kapotnya district.

A massive fire broke out on the refinery’s grounds. At least five separate fires were reported, and according to some sources, explosions at the facility continued. OSINT analysts speculated that one of the plant’s processing complexes—ELOU-AVT-6—may have been damaged.

It should be noted that this is already the second attack on the Moscow Oil Refinery in a single week. The previous attack took place on June 16, 2026.

Due to the threat of new terrorist attacks in Moscow, operations at all major airports have been temporarily restricted.

In addition, Russian authorities have activated the “Kover” plan, which is implemented in the event of threats to aviation. Airport operations have effectively been suspended.

Moscow residents reported explosions, flashes of light, and plumes of smoke. On social media, Russians wrote about drones flying overhead, fires, and disruptions to the city’s infrastructure.

According to Ukrainian sources, the attack was carried out by units of the Ukrainian Defense Forces. Among the units involved were the 1st Separate Center, units of the Special Operations Forces (SSO), the Main Intelligence Directorate of the Ministry of Defense (GRU), the Security Service of Ukraine (SBU), as well as the Nemesis, “Raid,” and “Madyar’s Birds” brigades. The Moscow Oil Refinery was cited as the primary target.

Consequences of the Attack on Moscow

It is not yet possible to definitively assess the actual extent of the damage. At the same time, according to Vladimir Omelchenko, director of energy and infrastructure programs at the Razumkov Center and an expert on energy issues, a strike on such a facility is unlikely in and of itself to trigger a fuel crisis or leave the Russian capital without fuel.

According to him, the Moscow refinery meets about 40–50% of the region’s demand for gasoline and diesel fuel; however, Russia has reserves, alternative supply routes, and the ability to divert petroleum products from other regions.

“Overall, the situation does not yet pose a threat to Russia. Regional and temporary crises are possible, primarily related to logistics. The campaign of strikes against Russian refineries has been going on for over a year, but no serious problems have arisen in most regions yet,” — Omelchenko notes.

Russia’s stock market has lost billions—oil companies are under the heaviest pressure

As mentioned earlier, the attack on Moscow on June 18 was not the first. On the morning of June 16, a large-scale attack by Ukrainian drones took place, with one of its key targets being the Moscow Oil Refinery (MOR) in the Kapotnya district.

At that time, despite statements by Russian authorities that they had intercepted most of the aerial targets, a strike was recorded on one of the plant’s main processing facilities.

Even earlier, on June 15, the Russian stock market reacted to statements by U.S. President Donald Trump regarding a possible tightening of sanctions against Russia’s oil sector and plummeted.

Companies involved in oil and gas production and export suffered the heaviest losses.

The oil sector became the biggest loser

According to the Moscow Exchange, following the statements about a possible tightening of sanctions, investors began actively selling off shares of Russia’s largest companies. The Russian economy is heavily dependent on energy exports. Any signals of a possible tightening of restrictions on the oil sector automatically pose risks to corporate earnings, foreign exchange inflows, and budget revenues.

This is precisely why the market reacted most sharply to companies whose operations are directly linked to oil and gas.

And the large-scale drone attack on Russian territory on June 18 prompted investors to sell shares of companies in the fuel and energy sector more aggressively.

The IMOEX index, which tracks the performance of the 50 largest Russian companies, declined. Russia’s oil and gas giants faced the greatest pressure. In particular, Rosneft’s shares fell by 2.54% to 328.50 rubles per share.

Gazprom’s share price also fell. The company lost 2.01%, and the share price dropped to 107.61 rubles.

Among other major Russian corporations, the following recorded declines:
Tatneft—down 1.79% (to 532.60 rubles);
Lukoil—down 1.71% (to 4,457 rubles);
“NOVATEK”—down 1.39% (to 1,003.60 rubles);
“Sberbank”—down 0.70%.

Analysts note that the market reacts particularly sensitively to any risks to the Russian energy sector, since oil and gas exports remain one of the key sources of revenue for the Russian Federation’s budget.

The next potential targets in Russia that UAVs are targeting

At the same time, according to energy expert Vladimir Omelchenko, it is not the sanctions but the systematic nature of the strike campaign that is decisive. It is precisely these regular attacks on oil refineries that are forcing Russia to spend billions on repairs, restructuring its logistics, and providing additional protection for its facilities.

As for sanctions, many restrictions were technically in place before, but Russian companies found ways to circumvent them using intermediaries and alternative sales channels.

“The most serious sanctions for the Russian oil industry are strikes against refineries and export infrastructure,” Omelchenko believes.

That is precisely why he identifies not the domestic fuel market but the export terminals on the Baltic and Black Seas—through which a significant portion of Russia’s oil revenues flows—as the most vulnerable targets for Russia. In his view, sustained pressure on these facilities could inflict significantly greater damage on the Russian economy than individual sanctions measures.

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