TASS added that Russia’s air defences destroyed more than 50 Ukrainian drones on Sunday evening. Earlier on Sunday, it said Russian air defences intercepted two Neptune guided missiles, four HIMARS rockets and 197 drones.

Oil dropped following signs that activity had resumed at the key Russian port of Novorossiysk on the Black Sea, after a Ukrainian strike last week led to some damage and a suspension of operations.

This comes in the backdrop of President Trump announcing “tremendous” sanctions against two Russian oil companies, namely Lukoil and Kremlin-owned Rosneft.

Last month, the US sanctioned Russia’s two largest oil producers, prompting some buyers in Asia to say they’d scale back purchases. But it’s difficult to know what buying curtailments are really happening as tankers wait until the last moment to reveal where they’re headed.

Russia's revenues from crude oil and refined products fell again in October due to lower export volumes and weaker prices, the International Energy Agency said on Thursday, adding that Russian oil exports have been holding up so far.

In Europe, the US and Asia, giant plants are making money by doing what they’ve always done: converting crude oil into vital fuels and selling them at a profit. What’s different today is the scale of the threat to global supplies: Relentless attacks on Russia’s energy infrastructure,

Russia’s oil shipments through the Arctic Ocean are encountering increasing delays because of US sanctions, a fresh example of how the measures are adding friction to Moscow’s energy trade.

Russia and Kazakhstan have agreed to boost their partnership in the oil sector following talks between their respective presidents in the Kremlin on Wednesday. Landlocked Kazakhstan is heavily reliant on Russia as a route for its energy exports,