Russia’s Oil Revenues Are Falling Fast As Fiscal Pressure Mounts
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BRUSSELS, BELGIUM – NOVEMBER 15: The PJSC Lukoil Oil Company tank storage of Neder-Over-Heembeek are seen on November 15, 2025 in Brussels, Belgium. As of November 2025, Lukoil is reeling under severe U.S. and Western sanctions, which have forced the company to divest international assets and halt operations at major projects, including Iraq’s West Qurna-2 oil field. Facing a November 21 deadline to wind down foreign operations, Lukoil struggles to find buyerseven among major partners like India and Chinaand recently saw a $22 billion asset sale to Gunvor collapse. Sanctions from the U.S. and UK have also disrupted its activities in Finland, Bulgaria, and other key regions. The company is now urgently seeking buyers for its overseas assets, including European refineries and stakes in oilfields across Kazakhstan, Iraq, Ghana, and Nigeria, as pressure mounts from governments and potential investors like Carlyle. (Photo by Thierry Monasse/Getty Images) Getty Images Russia’s dependence on oil and gas revenues has long been one of the country’s greatest economic strengths. That same dependence is now becoming one of its most significant vulnerabilities. In November, Russia’s energy revenues fell sharply, underscoring how sanctions, weak crude prices, and currency dynamics are converging to squeeze Moscow’s finances at a time of elevated military spending. According to recent estimates, Russia is expected to collect roughly 520 billion rubles—about $6.6 billion—from oil and gas in November. That represents a 35% decline from the same month a year ago and a meaningful drop even from October. For a government that relies on energy revenues for roughly a quarter of its federal budget, such a contraction creates immediate fiscal strain. A Shrinking Budget Anchor For the first eleven months of 2025, Russia’s cumulative oil and gas revenues are now estimated at $102 billion, down roughly 22% from the prior year. Those are…
Filed under: News - @ November 28, 2025 6:22 pm