Revenues of the Russian Federation from oil and petroleum product exports significantly decreased in November 2025, reaching the lowest level since the beginning of the full-scale invasion of Ukraine. This trend resulted from the tightening of U.S. sanctions against the companies “Rosneft” and “Lukoil,” as well as a series of successful attacks by Ukraine on Russian oil refineries and port infrastructure. In addition to the decline in crude oil exports, the shipment of petroleum products also decreased.
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Significant Decline in Revenues and Exports
The International Energy Agency (IEA) reported that Russia’s revenues from oil and petroleum product sales abroad fell by $3.59 billion in November compared to November 2024 — a decrease of nearly 25%. In monetary terms, the revenue amounted to $10.97 billion, marking the lowest level since 2022.
“Notably, total maritime exports through the Black Sea decreased by 42%, to 910,000 barrels per day due to recent Ukrainian attacks on shadow fleet vessels and energy facilities,” emphasized the IEA.
Increase in Military Spending and Market Trends
Amid the sharp decline in energy resource revenues, Russia is forced to significantly increase military spending. In the first nine months of 2025, these expenditures reached a record 11.85 trillion rubles, which is 30% (or 2.76 trillion rubles) more than in the same period of the previous year.
Despite Western sanctions, India continues to actively import Russian oil. It is forecasted that in December 2025, oil supplies from Russia to India will increase to 1.85 million barrels per day, slightly exceeding the November figure of 1.83 million barrels per day. Thus, India may reach a new semi-annual record for Russian oil imports.