Part 5/14:
Fuel is not just a commodity; it underpins the entire economy, affecting everything from transport and supply chains to military logistics. Reduced refinery output impacts exports, diminishes tax revenues, and exerts downward pressure on the ruble. While Putin has attempted to mitigate these effects by tapping emergency reserves and redirecting exports for domestic use, these measures are short-term solutions that have their own drawbacks, including diminished foreign currency inflows and logistical bottlenecks.