The Russian Finance Ministry announced a significant decrease in oil and gas revenues for November, marking a 34% drop year-over-year. This decline, attributed to sanctions, weak crude prices, and a strong ruble, resulted in 530.9 billion rubles collected in oil and gas taxes. Mineral extraction tax revenue decreased by 36% and export duties by nearly 40%, further contributing to the revenue shortfall. The Urals crude average price also fell to its lowest point since March 2023 at $44.87 per barrel in November, which added to the economic pressures.
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On Friday, explosions caused fires on two tankers, Kairos and Virat, in the Black Sea near Turkey’s Bosphorus strait. The Kairos, en route from Egypt to Russia, experienced an external impact, leading to a fire, and its 25 crew members were rescued. The Virat also reported an incident, with its 20 personnel reported in good condition. Both tankers are on a list of ships subject to sanctions against Russia, and the incidents sparked speculation about potential mine strikes.
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Following the targeting of Russia’s largest oil firms, a US group, Dekleptocracy, has identified crucial, yet obscure, sanctions that could disrupt Russia’s war effort. These sanctions focus on chemicals used in mechanical lubricants and military-grade tires, areas where Russia lacks domestic production capabilities. Xinxiang Richful, a Chinese company, is a key supplier of lubricant additives and should be blocked. This action, along with targeting other suppliers, would create shortages.
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Russian war machine increasingly reliant on U.S.-made components, HUR says, and the whole situation feels…well, kind of weird, doesn’t it? Here’s the kicker: Russia is under U.S. sanctions, yet somehow, components manufactured in America are still finding their way into the Russian military. The question that really hits home is, how? It’s a complicated dance of global economics, legal loopholes, and the undeniable truth that war, sadly, is a profitable business. It’s like stepping back in time to the 1980s, where everyone is just trying to make money and nobody cares who’s footing the bill.
The secret, or rather the lack thereof, lies in the nature of these components themselves.… Continue reading
Urals crude oil prices hit a low of $36.6 per barrel last week, the lowest since early 2023, due to the impact of U.S. sanctions on Russian energy giants. The price drop caused discounts relative to Brent to widen significantly, approaching record levels. This decline is largely due to major buyers in India and China halting purchases from sanctioned companies like Rosneft and Lukoil. Consequently, Russia’s seaborne exports have dropped, and an increasing number of oil cargoes are being stored on tankers.
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President Trump has announced that any country engaging in business with Russia will face “very severely sanctioned” action, signaling the administration’s support for tough legislation targeting Moscow. This comes as Republicans are pushing legislation that includes potential sanctions on countries that conduct business with Russia, potentially including Iran. The U.S. has already implemented high tariffs, like 50% on India, as part of the broader strategy. Further legislative efforts, like the Sanctioning Russia Act of 2025, propose secondary tariffs and sanctions to pressure countries supporting Russia’s actions in Ukraine.
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The US Treasury Department has opened a pathway for companies to negotiate the purchase of Lukoil’s foreign assets, representing approximately 0.5% of global oil production. This decision, conveyed through updated Russia licenses, allows discussions with the sanctioned Russian oil giant, contingent on severing Lukoil’s control and funneling proceeds into a frozen escrow account. Key licenses include General License 131, which allows asset purchase negotiations, and General License 128A, which allows continued business with Lukoil-branded gas stations outside Russia. This move comes after sanctions were imposed on Russia’s top oil companies and reflects a calibrated approach to isolate Moscow’s oil sector while avoiding disruptions to global energy markets.
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US Secretary of State Marco Rubio indicated that the US has largely exhausted its options for imposing new sanctions on Russia, having already targeted major oil companies. The focus will now shift to enforcing existing sanctions, particularly addressing Russia’s “shadow fleet” of vessels used to circumvent oil restrictions, with a call for greater European involvement in this effort. Rubio also commented on the ongoing conflict, stating Russia’s objectives and the missile strikes on Ukraine’s energy infrastructure. Finally, the US is in talks with Ukraine to stabilize its energy grid, discussing the provision of equipment and defensive weapons, while acknowledging the challenges of protecting such infrastructure from destruction.
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Zelenskyy demands tougher sanctions as Russia’s oil revenues plunge 27%, and honestly, it’s about time. We’re talking about a significant drop in legitimate revenue, a 27% year-on-year collapse in Moscow’s oil revenues in October, specifically. This translates to Russia collecting 888.6 billion rubles, or roughly $9.7 billion, in oil and gas taxes that month. While that’s still a substantial sum, it reflects the impact of existing restrictions and falling crude prices. The fact that President Zelenskyy is pushing for harsher measures underscores the understanding that what’s currently in place isn’t enough.
Now, you might be thinking, if Russia’s oil exports were really down, wouldn’t we feel it at the pump?… Continue reading
John Q. Hosedrinker 
Matt Underwood