Russia's oil and gas revenues are plummeting: a 35% drop is possible in November – Reuters calculations

Energy revenues, a key source of income for the Russian budget, could collapse by a third in November. This is indicated by new calculations from Reuters, which show a deep decline in the Kremlin’s finances due to falling oil prices. This is reported by UNN.

DetailsAccording to Reuters, Russia’s oil and gas revenues in November 2025 could decrease by approximately 35% compared to the same month last year – to 520 billion rubles ($6.59 billion). The reasons cited are falling prices for Russian oil and the strengthening of the ruble.

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Such a reduction is particularly significant for Moscow, which, after the start of the full-scale war against Ukraine, sharply increased defense and security spending. Oil and gas revenues traditionally provide a quarter of the Russian federal budget.

According to Reuters’ forecast, revenues from taxing the profits of energy companies will decrease by 7.4% compared to October, and overall, energy revenues will fall by 22% over 11 months – to 8 trillion rubles.

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The average taxable price of Russian oil for January-November decreased to $57.3 per barrel compared to $68.3 last year. At the same time, the ruble strengthened to 81.1 per dollar (from 91.7 a year earlier), which also reduces export revenues.

Official data from the Russian Ministry of Finance are to be published on December 3.

Ukraine and Western states have repeatedly stated that they seek to limit Russia’s financial capabilities to force it to abandon the war. 

Despite this, Vladimir Putin continues to claim that sanctions will not break Russia’s economy and that the country is capable of “surviving and prospering” without cooperation with the West.

Initially, the Russian Ministry of Finance predicted 10.94 trillion rubles in energy revenues in 2025, but due to falling oil prices, it lowered the forecast to 8.65 trillion. Last year, Russia received 11.13 trillion rubles from oil and gas.

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