Russian stocks experienced a significant downturn on Monday, reaching their lowest point in over three years as the benchmark MOEX index fell more than 4% to around 2,313 points. This extended a 15-week decline, exacerbated by the Central Bank’s recent interest rate cut, which indicated prolonged high borrowing costs. Notable decliners included digital real estate marketplace Tsian, down over 14%, and Aeroflot, which dropped over 6% due to ongoing airport disruptions from drone attacks. The MOEX has now lost over 14% of its value year-to-date, with its current losing streak surpassing that of the 2008 global financial crisis.
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Overnight on June 22, Ukrainian drones reportedly targeted a power plant in Russian-occupied Crimea, with additional strikes occurring in occupied Donetsk and Zaporizhzhia oblasts, including a large fire in Berdiansk. Air defenses were engaged in Crimea, and also deployed at the Moscow Oil Refinery, with drones reportedly intercepted elsewhere in Moscow Oblast. These attacks follow a pattern of Ukrainian strikes against Russia’s oil infrastructure, which have contributed to fuel shortages and sales restrictions, including a suspension of civilian fuel sales in occupied Crimea starting June 21.
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As the retired British couple traversed the English Channel, they encountered a Russian warship. Despite their attempts to signal a course change, warning shots were discharged in their vicinity. The experience, described as “surreal,” left the couple shaken.
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On June 21 and overnight into June 22, Ukraine’s Defense Forces conducted strikes against the Dubna Space Communications Center in Russia’s Moscow region. This facility, considered Russia’s largest satellite teleport and a crucial hub for connecting satellites with terrestrial networks, reportedly experienced heavy smoke post-attack, with the full extent of damage still under assessment. Established in 1980, Dubna has served various strategic roles, from broadcasting the Moscow Olympics to managing secure government communication channels and now overseeing a significant portion of Russia’s civilian satellite fleet. Its dual-use nature also integrates its infrastructure into Russia’s national defense and strategic intelligence frameworks.
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Ukraine is escalating its response to the ongoing war, with President Zelenskyy stating that domestic defense capabilities are now capable of striking targets deep within Russia. New drones have already demonstrated this reach, hitting targets over 2,000 kilometers inside Russian territory, a development supported by G7 leaders. Ukraine aims to continue expanding its long-range strike capabilities, targeting infrastructure crucial to Russia’s war effort, and is seeking US approval for licensed production of air defense missiles.
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On June 21, Ukrainian President Volodymyr Zelensky confirmed strikes targeting energy and military logistics on both sides of the Crimean Bridge, including oil transportation in the Krasnodar region and an oil depot in Kerch. These strikes are part of Ukraine’s intensified efforts to isolate the strategically vital peninsula from Russia. Reports indicate damage to oil terminals, gas compressors, and radar systems, with social media footage showing a significant fire at an oil terminal in Kerch and the Kavkaz port. The attacks contributed to a wider disruption, leading Russian authorities to suspend civilian fuel sales in occupied Crimea.
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This strategy aims to cripple Russia’s war capabilities and sow widespread disruption among its populace. The ultimate objective is to exert significant pressure on President Vladimir Putin, thereby compelling him to engage in peace negotiations.
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In response to heightened Ukrainian attacks targeting fuel supplies, officials in Russia-occupied Crimea have suspended civilian gasoline sales. Governor Sergey Aksyonov stated that fuel will now be exclusively distributed to government agencies to ensure the region’s functioning and security. These restrictions come amid Ukraine’s ongoing efforts to disrupt Russia’s energy infrastructure, with Ukrainian President Volodymyr Zelenskyy characterizing these strikes as “long-range sanctions” aimed at weakening Russia. The situation has led to the worst energy crisis in Crimea since its 2014 annexation, with motorists experiencing significant difficulties in obtaining fuel.
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Social media footage captured a major fuel depot ablaze in Crimea following a Ukrainian drone attack. The Moscow-aligned governor of Crimea has consequently halted public fuel sales, limiting them to state-run companies. This incident, which resulted in casualties, is part of Ukraine’s escalations in targeting Russian infrastructure, including a separate drone attack in the Krasnodar region. Ferry traffic and bridge access between Crimea and Krasnodar were temporarily suspended as a result of these coordinated strikes.
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In response to escalating Ukrainian drone attacks reaching targets in northwestern Russia, public drone shelters are being installed across Kronstadt, a district of St. Petersburg and home to the Russian Baltic Fleet’s headquarters. These shelters, situated in key public areas, are part of emergency preparedness measures designed to enhance civilian protection. This development follows a series of Ukrainian long-range drone strikes targeting infrastructure deep within Russia, including recent incidents at a St. Petersburg oil terminal and a major refinery.
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John Q. Hosedrinker