Zelenskyy Says Russia Nearing Bankruptcy

Ukrainian President Volodymyr Zelenskyy said Russia’s oil industry and state finances are coming under increasing pressure, claiming that a growing number of Russian regions are facing bankruptcy. He made the remarks in an address on May 18 after commemorating the victims of the 1944 deportation of Crimean Tatars in Kyiv.

Zelenskyy said Ukrainian strikes and international sanctions had contributed to a 10% decline in Russian oil refining in recent months. He also claimed Russian oil companies were being forced to shut down wells, describing the loss of production as particularly damaging because of the difficulty of restarting operations.

According to Zelenskyy, Russia’s budget deficit during the first five months of the year had already exceeded the shortfall planned for the entire year. He said continued pressure from Ukraine and its partners would push Moscow closer to ending its war, while acknowledging that Russia had built financial reserves to support its military campaign.

The Ukrainian president also said he had approved new operations involving Ukraine’s special services and defense forces. He added that the government would address personnel changes and adjustments within the diplomatic corps in the coming weeks.