Russia Retaliates with Missile Strikes Against 'Oil Price Cap' Sanctions

70 Missiles Fired
"At Least 4 Dead"

[Image source=AP Yonhap News]

[Asia Economy Reporter Yujin Cho] Russia has resumed missile bombardments across Ukraine, resulting in at least four deaths. This is interpreted as a retaliatory attack in response to Western efforts, including the European Union (EU) and the Group of Seven (G7), to tighten Russia's financial resources through oil price cap sanctions.

According to major foreign media on the 5th (local time), Russia resumed attacks by launching more than 70 missiles across Ukraine, including the capital Kyiv, causing at least four deaths and widespread power outages. At one point, air raid alerts were issued throughout Ukraine.

Ukrainian President Volodymyr Zelensky said, "The Ukrainian Air Force intercepted about 60 out of more than 70 missiles launched by Russia today," adding, "On-site workers at energy facilities have already begun restoration work to resume power supply."

Due to the missile airstrikes, power supply to the water pump station in the southern port city of Odesa was cut off, halting water supply to the entire city. In central Kryvyi Rih, power outages occurred in parts of the city, stopping the operation of water pump stations and heating facilities. Power outages also occurred in the northern part of Sumy Oblast in the northeast due to missile attacks.

The Air Force also added that Russia launched missiles from southern Russian land, the Black Sea, and the Caspian Sea, deploying strategic bombers as well. It is analyzed that Russia appears to launch missiles in multiple waves to make interception by air defense systems more difficult.

Ukrainian Prime Minister Denys Shmyhal said, "Energy facilities in Kyiv, Odesa, and other regions were damaged, and emergency power outages continued in some areas," but added, "The nationwide power system is still functioning intact."

Since early October, when the Crimean Bridge was attacked and Russia faced setbacks in ground battles such as in Kherson, Russia has concentrated bombardments on Ukrainian infrastructure including power plants. Although the severe cold season has begun recently, many power plants have been destroyed, and it is expected that the interrupted power and heating supply may not be restored until March next year. The World Health Organization (WHO) has warned that "millions of Ukrainians' lives will be threatened this winter."

On the same day, the EU, G7, and Australia introduced a price cap on Russian crude oil to make it difficult for Russia to finance its war. These countries banned maritime services such as insurance and transportation for Russian oil exported at prices exceeding $60 per barrel.

The Kremlin stated in a briefing that "this measure will not affect Russia's 'special military operation,'" and rather claimed that "the oil price cap will cause instability in the global energy market."

According to the Associated Press, Russian President Vladimir Putin personally drove a Mercedes-Benz passenger car to visit the restoration site of the Crimean Bridge, where a large explosion occurred in early October.

He encouraged soldiers and on-site workers and received a report on the restoration work from Deputy Prime Minister Marat Khusnullin.

The Kremlin said, "Amid ongoing threats from Ukraine to attack the Crimean Bridge, President Putin emphasized the importance of the land route leading to the Crimean Peninsula," adding that Putin urged ensuring safe land transportation connections between the Crimean Peninsula and Russia.

Foreign media reported that this visit was the closest President Putin has come to the frontline since Russia invaded Ukraine.