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EU Observer (8 April 2026)

Jessica MOSS

For all the talk of crude benchmarks and market panic, wars are not financed by headline prices. They are financed by realised revenue. 

Russia benefits from higher oil prices only if it can still refine, store, ship and sell enough oil to market. Ukraine’s strategy is increasingly aimed at breaking that link.

That is why Russia’s decision to expand its gasoline export ban on 2 April matters.

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