Russia in July 2026: the most important developments in economy
In Russia in July 2026 the economy was dominated by a fuel crisis after Ukrainian drone strikes on refineries. On July 1 President Vladimir Putin acknowledged the crisis, and Russia turned to India for gasoline and to other suppliers for jet fuel. A drone strike shut the country's largest refinery on July 7, and the Saratov refinery was reported halted. Russia banned diesel exports on July 8 and extended the ban several times; on July 30 it extended the ban on diesel and gasoline exports until the end of January 2027. Queues formed at petrol stations, and the fuel shortage spread to Kazakhstan and Kyrgyzstan. Deputy Prime Minister Alexander Novak and Kremlin spokesman Dmitry Peskov said in late July that the situation was stabilising, and supply improved as several refineries finished maintenance. Separately, Peskov said on July 27 that the Kremlin was in contact with Telegram's leadership over restoring the service; on July 29 State Duma lawmakers advised citizens to avoid purchases via Telegram after the FSB made accusations against its founder Pavel Durov.
Sanctions were the second theme. US senators said on July 10 they had a deal with President Trump on the Russia sanctions bill of Senator Lindsey Graham. The tariff threat against buyers of Russian oil, including India and China, was cut from 500 percent to 100 percent, and the Senate passed the bill on July 29 with a large bipartisan majority. The EU agreed its 21st sanctions package, aimed at Russian banks, on July 23 after Greece lifted its veto, and prepared a further package covering a record 1,600 companies. Bulgaria vetoed sanctions on Patriarch Kirill. China imposed export controls on 14 EU entities on July 24.
Other indicators were weaker. Urals crude fell to 42 dollars a barrel on July 6, oil output fell to its lowest in at least two and a half years, and on July 25 the central bank cut its 2026 growth forecast to zero and expected faster inflation. Trade with India reached a record 68.7 billion dollars.
by WorldBrief & Maksim Micheliov | AI-generated summary
Click a day in the chart above for that day's brief.