Russia’s oil export revenues have fallen to their lowest level since the start of the war

Russia’s oil export revenues in November fell to their lowest level since the full-scale invasion of Ukraine in 2022.

This is reported by Euractiv with reference to the International Energy Agency (IEA).

The IEA notes that both volumes and prices for Russian oil have fallen. As a result, export revenues have fallen to levels not seen in almost three years. In November, Russia received $11 billion, $3.6 billion less than in the same period last year.

The Russian Ministry of Finance also reported that in the first nine months of 2025, revenues from oil and gas decreased by 22% and amounted to $88 billion.

According to the IEA, Ukrainian attacks on Russia’s “shadow fleet” and offshore oil facilities played a significant role in the decline. In November, this almost halved Russia’s exports through the Black Sea.

The agency adds that in the first quarter of 2026, Russia will face a new wave of sanctions that will further complicate the situation.

In October, the United States imposed some of the toughest sanctions on Russia’s energy sector, including Rosneft and Lukoil. This came against the backdrop of Ukrainian attacks on Russian refineries, which caused gasoline prices to rise in Russia during the summer and fall.

A combination of falling oil revenues, sanctions, high military spending and inflation is driving up Russia’s budget deficit, which is estimated to be $50 billion this year, or about 3% of GDP. Next year, the Kremlin plans to raise taxes on households and businesses to reduce the fiscal gap.

It was previously reported that Kazakhstan has sharply tightened export controls and has actually blocked some of Russia’s channels for receiving goods that have fallen under Western sanctions.

Let us remind you that the Kremlin only has funds left for 12-18 months of war against Ukraine.