Russia's economy: Putin's oil industry is in serious trouble. Gasoline production in Russia has fallen significantly after a series of attacks by Kiev on the country's oil refineries.
To counter the risk of shortages on the domestic market, Russia turned to the government of Putin's ally Alexander Lukashenko on Wednesday. Russia is the third largest oil producer in the world, accounting for more than 12 percent of global crude oil production. Western sanctions have severely affected Russia's energy industry. Moscow depends on its oil exports and energy industry, which account for about 30 percent of the country’s budget revenue.