Yes, and this official statement confirms that the nature of the crisis has changed.
When Russia:
- bans exports of petrol and kerosene;
- is considering a total ban on diesel;
- draws on its reserves;
- sets up a special monitoring unit;
- and acknowledges regional shortages,
it is no longer dealing with a mere seasonal strain. It is now balancing export revenues against military needs, agriculture, transport and domestic consumption.
Putin’s statement that the major refineries are operating ‘at full capacity’ is, moreover, ambiguous. It does not mean that the entire Russian refinery network is functioning normally; it probably means that the units still available are being pushed to their limits. Damaged facilities, such as the Moscow refinery, are obviously not included in this operational capacity. That refinery could remain shut down for at least six months.
The 1.7 million tonnes of reserves may seem substantial, but they do not constitute a vast strategic stockpile on a Russian scale. They have already been mobilised to support the domestic market and are thought to be slightly below last year’s levels. Above all, a national stockpile does not automatically resolve the difficulties of distribution across regions, fuel grades and logistics networks.
A potential ban on diesel would be a further hurdle. Russia is a major exporter of diesel; giving up these sales, even temporarily, would result in a loss of foreign exchange and added value. Until now, it has compensated for damaged refineries by exporting more crude oil. But it cannot indefinitely:
- export crude oil;
- maintain exports of refined products;
- supply the army;
- ensure harvests;
- and maintain a normal civilian market,
with reduced refining capacity.
The envisaged reliance on imports is even more telling. One of the world’s leading oil producers has been reduced to asking Kazakhstan for petrol and preparing for imports by sea, not because it lacks crude oil, but because it can no longer process and distribute it properly.
The phrase ‘refineries are running at full capacity’ is therefore less reassuring than it seems:
when all remaining capacity is already operating at maximum capacity and shortages persist, there is no longer any domestic industrial reserve to absorb the next shock.
The special task force set up by Putin demonstrates precisely this: the market no longer balances itself spontaneously. It must now be managed on a day-to-day basis, with export bans, the mobilisation of stocks, imports and the prioritised allocation of fuel.
This also provides a concrete measure of Ukraine’s effectiveness. Kyiv does not need to destroy the entire Russian oil industry. It simply needs to erode the system’s margins until every new strike forces Moscow to choose who will be rationed.