Ukrainian intelligence estimates Russia’s oil sanctions losses at $50 billion a year

Ukraine's Foreign Intelligence Service on Thursday provided the first detailed estimates of the impact of new sanctions on Russia's military economy, , President Volodymyr Zelenskyy said after meeting with Foreign Intelligence Service chief Oleg Ivashchenko .

Russia's projected losses from these restrictions are at least $50 billion a year, which is generally in line with the estimates of Western partners that Zelenskyy made public the day before ($5 billion a month).

"We anticipate that if principled and consistent pressure on Moscow continues, their losses from the recently imposed measures alone will be at least $50 billion per year," the president said .

Zelenskyy expects the West to tighten restrictions, as no shortage of supply is expected.

"The volumes of oil supplied to the global market by Arab states can certainly prevent any destabilization or price spikes that the Russians are talking about to sow fear," the president said.

"Ivashchenko also reported on the Chinese leadership's mood and near-term plans in light of Russia's war against our country. It is important that China contribute to efforts aimed at stopping Russia’s ongoing attempts to expand and prolong the war. Our diplomats will receive relevant instructions based on information from recent meetings in the region," Zelensky added.

• on October 22, the United States imposed sanctions against Russia's two largest oil companies Rosneft and Lukoil and called on Russia to immediately agree to a ceasefire.