Michael Bernstam explains how Ukrainian drone strikes have destroyed 30% of Russia's refining capacity, causing the "crack spread"—the profit margin for refining oil—to triple worldwide. While Russia exports crude, it now suffers from severe domestic shortages of gasoline and jet fuel. Consequently, Russia is forced to buy back its own refined oil from India at premium prices. Putin has been "hoist on his own petard," creating a global energy weapon that has ultimately turned against the Russian economy. (9)
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