Drone attacks did not prevent Russian oil refineries from increasing their profits
Despite Ukrainian drone strikes on oil refineries, Russian refineries continue to generate significant profits in 2026. In the first half of the year, their total earnings rose by 16.2% year-over-year, and in the third quarter, refining margins could reach their highest level in recent years.
According to estimates by Euler analysts, the margin on gasoline in the third quarter could rise by 16.8%—to $320 per metric ton. For diesel fuel, an increase of 14.4% is projected—to $460 per metric ton.
High profitability persists even amid restrictions on petroleum product exports. Russia has banned gasoline exports and imposed additional restrictions on diesel fuel and other products. At the same time, oil refiners receive compensation from the budget through the fuel price stabilizer mechanism, which is designed to support the domestic market.
According to Rosstat, Russian refineries earned approximately $12.3 billion in the first six months of 2026, which is 16.2% more than during the same period last year. This is despite the fact that Russia has lost about one-fifth of its crude oil refining capacity due to drone attacks.
At the same time, the impact of the strikes on individual facilities is becoming increasingly severe. According to Reuters, three of Russia’s six largest diesel fuel production plants significantly reduced output or halted operations entirely in September. The Kirish refinery shut down, while the Volgograd plant and NORSI were operating at about a quarter of their capacity.
The Saratov and Syzran refineries have now been added to this list. According to Reuters, the Syzran refinery shut down on September 15 after its main unit was damaged, while the Saratov refinery ceased operations as early as September 11.
As a result, problems in the Russian oil refining sector are already affecting the domestic market. Since the beginning of the year, gasoline prices in Russia have risen by 21.2%, and diesel prices by 18.4%. At the same time, major oil companies are partially keeping prices in check thanks to government subsidies, while independent gas stations are forced to buy more expensive fuel on the wholesale market.
Source: Reuters
On the morning of September 13, oil refining infrastructure was attacked in Nizhnekamsk, in the Republic of Tatarstan, Russia. The city is home to one of the largest and most modern oil refining complexes in the Russian Federation.
On the night of September 12, Ukrainian drones continued to respond symmetrically to Russian attacks on our cities. The drones struck two Russian cities—Tolyatti and Taganrog. In Togliatti, a strategic chemical plant was targeted, while in Taganrog, several fires were reported, including at the airfield and the automobile plant.
As a reminder, Ukrainian President Volodymyr Zelenskyy stated: Russia, as an aggressor state, will face a response if it launches strikes against the Ukrainian energy system this winter.
