Russia’s oil export revenues fall to their lowest level since 2022
Russia’s revenues from selling oil and petroleum products abroad fell by $3.59 billion in November compared to the same month in 2024, totaling $10.97 billion. This is the lowest level since Russia’s invasion of Ukraine in 2022.
This was reported by the International Energy Agency (IEA) in its monthly report.
The decline in revenues is driven by U.S. sanctions against Rosneft and Lukoil, as well as Ukrainian strikes on Russian refineries and port infrastructure.
Compared to October, the total average daily export of oil and fuel decreased by 420,000 barrels to 6.86 million barrels, as buyers assessed the consequences of the sanctions and related risks.
As a result, the price of the Russian Urals grade fell by $8.2 to $43.52 per barrel, as buyers demanded additional discounts.
After two months of a budget surplus, the Russian budget returned to deficit. In October, the Ministry of Finance spent 3.4 trillion rubles against revenues of 3 trillion rubles, increasing the budget deficit from 3.8 to 4.2 trillion rubles over ten months.
The Russian economy is entering a phase of prolonged decline, as companies increasingly report financial difficulties, reduce expenditures, and postpone investments. In Q3 2025, the main problems for businesses were non-payments by counterparties, falling demand, and a shortage of working capital.
Meanwhile, since the end of 2024, Russia’s annual economic growth has fallen from about 5% to zero. Analysts cite inflation, military spending, and falling oil prices amid Trump-era tariffs as key reasons.
After three years of unexpected economic growth, Russia is now facing a sudden slowdown — war expenditures, inflation, and falling oil prices are beginning to strain an economy that until recently seemed resilient to sanctions.
