Russia’s oil and gas revenue is anticipated to decrease by approximately 35% in November compared to the previous year, reaching roughly $6.6 billion, due to weaker crude prices and a stronger ruble. This decline, also reflected in a 7.4% decrease from October, places pressure on Russia’s budget, especially with elevated defense spending. For the first 11 months of 2025, oil and gas revenue is projected to total approximately $102 billion. Western sanctions, designed to limit Moscow’s war funding, have compounded the issue.
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President Zelenskyy received a report from the Head of the Foreign Intelligence Service of Ukraine, detailing the impact of pressure on Russia’s energy sector. This pressure has resulted in a decline in Russia’s oil production and refining, leading to a decrease in oil and gas revenue. This year Russia will lose at least $37 billion in oil and gas income, limiting their war efforts. Furthermore, Zelenskyy discussed measures for the return of Ukrainian children abducted by Russia.
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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
According to Vladyslav Vlasiuk, Ukraine’s Commissioner for Sanctions Policy, sanctions against Rosneft and Lukoil imposed by the US and UK, and Rosneft by the EU, could drastically impact Russia’s oil revenue. These sanctions may cause Russia to lose over half of its oil exports to India and China, potentially costing them approximately $100 billion annually. The enforced restrictions could lead to a loss of 60-70% of oil exports, which translates to a monthly loss of at least $5 billion, representing roughly half of Russia’s current oil revenue.
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Russia’s energy minister, Anton Rubtsov, has warned that heavy taxation is making oil production unprofitable, threatening the country’s vital export revenue. This comes as Russia’s oil and gas revenue plummeted by a third in May, reaching its lowest level since July 2023. The high tax burden, implemented to offset sanctions-related losses, is deterring investment and potentially impacting long-term production. Experts warn that while tax cuts could boost production, they risk widening the budget deficit, leaving the Kremlin in a difficult financial balancing act.
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John Q. Hosedrinker 
Matt Underwood