The Russian Federation’s revenues from oil and gas exports in November 2025 may decrease by more than a third compared to the same period last year. Estimates suggest a decline of approximately 35%.
This is reported by Finway
Reasons for the Decrease in Russia’s Energy Revenues
The drop in Russia’s revenues from oil and gas sales is attributed to several key factors. Firstly, global oil prices have significantly decreased in 2025. The price of Russian oil averaged $57.3 per barrel from January to November, while during the same period in 2024, it reached $68.3 per barrel. Secondly, the Russian ruble has strengthened, currently standing at 81.1 rubles per dollar, which also affects the final budget revenues from energy resource exports.
Revenues from oil and gas traditionally account for about a quarter of the federal budget revenues of Russia, making them critically important for the country’s financial stability. Previously, the Russian Ministry of Finance planned to receive 10.94 trillion rubles from oil and gas sales in 2025, but due to falling prices, this forecast has been revised down to 8.65 trillion. In comparison, in 2024, revenues from energy resource exports reached 11.13 trillion rubles.
Sanctions and the Oil Market Situation
An additional factor has been the tightening of the U.S. sanctions policy regarding Russian energy companies. In particular, giants such as Rosneft and Lukoil, as well as their subsidiaries, including gas station networks, oil and gas extraction and exploration enterprises, and logistics companies, have come under restrictions.
According to Bloomberg, following the imposition of new sanctions, Russian Urals crude oil is being offered to Indian refineries at the lowest price in the last two years — with a discount of $7 per barrel compared to Brent quotes. This offer pertains to shipments that will be delivered in December and January of the following year.
“Most Indian refining companies, according to the agency, have refused orders for Russian oil after the latest U.S. sanctions; however, in recent days, the sentiment among Indian companies has changed due to lower prices for Urals crude: some refiners are now willing to purchase Russian oil from sellers who are not subject to sanctions.”
The U.S. introduced a new package of sanctions against the Russian energy sector on October 22, 2025, emphasizing that this decision is related to Russia’s lack of genuine interest in a peaceful resolution of the war in Ukraine.