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Business News Today: Latest Business News, Finance News

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Ukraine hits fuel supplies to Crimea, sparking fuel crisi...
By AP · 2026-06-12 · via Business News Today: Latest Business News, Finance News
Signs reading "No" placed on fuel pump nozzles at a gas station after local authorities restricted petrol sales and introduced rationing amid a supply shortage that they said was caused by Ukrainian attacks on logistics routes, in the course of the Russia-Ukraine military conflict in the Black Sea resort city of Yevpatoriya, Crimea, June 11, 2026. Picture taken with a mobile phone.

Signs reading "No" placed on fuel pump nozzles at a gas station after local authorities restricted petrol sales and introduced rationing amid a supply shortage that they said was caused by Ukrainian attacks on logistics routes, in the course of the Russia-Ukraine military conflict in the Black Sea resort city of Yevpatoriya, Crimea, June 11, 2026. Picture taken with a mobile phone. | Photo Credit: ALEXEY PAVLISHAK

In a new blow to the Kremlin's narrative that Moscow is winning the 4-year-old war in Ukraine, Kyiv's forces have targeted supplies to Crimea, triggering the worst fuel crisis on the Black Sea peninsula since it was illegally annexed by Russia in 2014.

The persistent attacks reflect the growing intensity and efficiency of Ukraine's drone strikes and have caught Russia off-guard and struggling for a response.

As the country marks the Russia Day national holiday on Friday, signalling the start of summer vacations, the gas shortages are threatening to cause further disruptions to the tourism-dependent region with its beaches and resorts.

In a rare public acknowledgment, the Kremlin has recognised the scope of the problem and promised to address the issue quickly.

Ukraine's successes have highlighted its ability to inflict painful damage to Russia and change the course of the conflict while Moscow's advances recently have ground to a near halt. On Thursday, Russia's full-scale invasion of Ukraine reached its 1,569th day, surpassing the duration of World War I.

Crimea's importance to Russia

Crimea has been a jewel in Russia's imperial crown since it was seized from Turkic-speaking Tatars in the 18th century after Moscow defeated the Ottoman Empire.

Soviet leader Nikita Khrushchev transferred Crimea from Russia to Ukraine in 1954 when both republics were part of the USSR. When the Soviet Union collapsed in 1991, the diamond-shaped peninsula became part of newly independent Ukraine.

Russia kept a naval base in Sevastopol, and when a Moscow-friendly Ukrainian president was ousted by a popular uprising in February 2014, Russian President Vladimir Putin sent in troops to overtake Crimea. Weeks later, Moscow annexed the peninsula following a referendum that most of the world refuses to recognise.

Soon afterward, a Moscow-backed separatist insurgency erupted in eastern Ukraine, and fighting there raged with varying intensity until the February 2022 invasion. Russian troops concentrated in Crimea quickly seized large parts of southern Ukraine early in the war and secured the land route to the peninsula.

Since early in the war, Ukraine has fired missiles and drones to try to dislodge Moscow's hold on the territory. The Ukrainian military sank several Russian warships in the Black Sea and at their Crimean bases, crippling Moscow's naval capability and forcing it to redeploy its fleet to Novorossiysk.

Ukraine also methodically targeted munitions depots, airfields and Putin's prized asset, the Kerch Bridge linking Crimea to Russia. The span was struck by a truck bomb in October 2022 that killed five people, blew up two sections of the bridge and required months of repairs. More attacks on the bridge followed in 2023 and 2025.

Ukraine's attacks on the land corridor to Crimea

Since the Kerch Bridge attacks, Russia has channelled most fuel and other supplies along the highway and railroad via the occupied territories along the Sea of Azov coast. Those shipments were interrupted last month, when Ukrainian drones hit fuel trucks on the highway that Moscow once deemed to be safe, leaving behind dozens of burning vehicles.

Other relentless Ukrainian strikes hit refineries, oil depots and pipelines deep inside Russia, hurting its oil exports and causing domestic fuel shortages.

The Washington-based Institute for the Study of War noted the synergy between the longer-range attacks and those disrupting supplies to Crimea and other occupied regions.

“The long-range strike campaign is therefore reducing Russia's production capacity, while the mid-range strike campaign is hurting Russia's ability to transport the gasoline Russia is still able to produce,” it said in an analysis.

Making matters worse, Ukrainian drones this week repeatedly hit the Chonhar Bridge, which links mainland Ukraine and Crimea over a shallow strait. Authorities deployed pontoon bridges.

The Ukrainian military said it struck the bridge to disrupt movement of troops, ammunition and fuel from Crimea.

Queues and gas rationing

It's not immediately clear how the fuel disruptions will affect Russian military operations, but residents of Crimea and other occupied territories are keenly feeling the blow.

The peninsula has had periodic fuel shortages from Ukrainian strikes before, but this crisis is the worst since its 2014 annexation.

At the end of May, authorities restricted the sale of gasoline to 20 litres (5 1/3 gallons) per vehicle owner per week using prepaid coupons. Those were snapped up immediately following their release on an official messaging app channel, and motorists lined up for hours, waiting to refuel.

Social networks have been abuzz with requests and advice on where to find fuel, and authorities launched a hotline for tourists who have found themselves trapped.

While fuel shipments over the Kerch Bridge have been suspended for security reasons since the Ukrainian attacks, fuel also has been carried by ferries. Those shipments are expected to increase.

Some motorists bring their own gas over the bridge from the mainland, but they are restricted to carrying 100 litres (about 26 1/2 gallons) per vehicle. Some speculators are selling gas at double the market price.

Crimea attracted nearly 7 million tourists last year, and it had hoped to top that number this year. The business daily Kommersant reported that nearly 80% of hotel bookings were cancelled in late May and early June.

Some hotels offered gasoline as a bonus for new bookings, offers that were quickly snapped up.

Some travellers were unsettled by a Ukrainian drone attack earlier this week on a passenger train travelling from Moscow to Crimea, injuring its driver and killing his assistant. That led to a brief suspension of service, with passengers taken by buses.

An earlier attack on a commuter train in Crimea killed one person and injured three others, forcing authorities to shift schedules to limit service during daytime hours.

Kremlin pledges action

Kremlin spokesman Dmitry Peskov acknowledged the Crimean fuel shortages earlier this week and promised that “measures were being taken” to deal with them.

The Russian Defense Ministry has been silent about the Ukrainian attacks on the land corridor, while some war bloggers have harshly criticised the military for failing to anticipate the strikes and its slow response.

Some suggested military escorts for fuel trucks, while others urged stepping up strikes on Ukrainian bridges, fuel storage sites and other infrastructure.

Amid the fuel crisis and the finger-pointing, Ukraine dealt another symbolic blow to Russia, striking a historic Sevastopol building that houses a huge panoramic painting that depicts the defense of the city during the 19th century Crimean War. The painting was effectively destroyed by fire during the attack, according to Mikhail Razvozhayev, the Kremlin-appointed head of Crimea's largest city.

Given Putin's focus on Crimea, military blogger Valery Shiryayev said, the attack would certainly anger the Russian leader.

“It's hard to find another work of art, another part of national heritage, whose destruction would be as painful for Putin,” he said.

Published on June 12, 2026