Russian oil industry is imploding because of the decline of the ruble, and Putin’s policies to mask the effects from his public.
Joe Blogs on YouTube (https://www.youtube.com/watch?v=wxUeu2qfrKM ) lays out a persuasive case that the impact of sanctions, importantly through the weakening of the ruble, is inflicting massive damage to the Russian oil industry. The self-imposed export ban on refined products is now about a month old, and indicates an economic disaster.
The biggest single industry in Russia is petroleum refining. They have 44 Mega-refineries, with about half of them currently offline (far from normal).
From six months ago, the international price of crude has increased significantly in dollars, while the value of the ruble has dropped about a third. Net, it has resulted in about double the price in rubles - if there was a free market.
Instead, the Putin regime has imposed domestic price controls, that requires refiners to sell their products domestically about 25% cheaper than six months ago. So every refinery and smuggler wants to sell what product they can outside of Russia - but the Government has imposed an export ban, that has filled storage to capacity and and is just burning their potential revenue.
Winter is coming, and with it the potential for widespread freezing damage to idle oil infrastructure, as happened after the fall of the Soviet Union.
De Facto nationalization of the Russian oil industry has occurred.
Big new taxes on profits were imposed in recent months. The Government fixes prices for the domestic market, and harshly controls what can be sold abroad (sweeping export bans). The Government now forcibly requires that the bulk of foreign hard currency earnings (total income, before profit) be converted into rubles.
Welcome to Novo North Korea, emerging as we speak.