Kiev: Ukrainian President Volodymyr Zelenskyy claimed Monday that Russia has reduced its active oil wells and oil refining capacity following Ukrainian 'long-range sanctions.'

According to Anadolu Agency, Zelenskyy also cited signs of a growing banking crisis in Russia and an expanding federal budget deficit. He emphasized the challenges Russia faces in restarting oil wells, noting that the process is more complicated compared to other oil-producing countries. A single Russian oil company reportedly had to shut down approximately 400 wells.

Zelenskyy stated that Russia's oil refining capacity has decreased by at least 10 percent in the first few months of the year. He asserted that Ukrainian sanctions are effective and pledged to continue enhancing these measures.

Additionally, Zelenskyy claimed that Russia's federal budget deficit approached $80 billion by the fifth month of the year, with many regional budgets nearing bankruptcy. He also alleged documented attempts by Russia to export grain from annexed Crimea and efforts to involve entities from the US in Russian projects.

He mentioned attempts to attract investment and technology from democratic countries into Russia's Arctic oil and gas projects, stating, "We know how to counter this."