“Russia’s oil and gas revenues could fall by a third in November due to lower oil prices and a stronger ruble, Reuters reports. US sanctions against Rosneft and Lukoil have already led to a record drop in Urals prices, forcing Moscow to review budget forecasts”, — write: www.radiosvoboda.org
The agency notes that revenues from the sale of oil and gas are the most important source of funds for the Russian authorities, accounting for a quarter of the total revenue of the federal budget. Journalists attribute the decrease in income this month to the fall in oil prices and the strengthening of the ruble.
The price of Russian oil in the period from January to November 2025 decreased to 57.3 dollars per barrel from 68.3 dollars in 2024. The ruble strengthened to 81.1 per dollar from 91.7 between January and November.
The Ministry of Finance of the Russian Federation planned to receive 10.94 trillion rubles from the sale of oil and gas in 2025, but the drop in oil prices forced it to revise this forecast downwards to 8.65 trillion rubles last month. Last year, revenues from the sale of oil and gas reached 11.13 trillion rubles, the agency notes.
Bloomberg with reference to sources writesthat against the backdrop of US sanctions against Rosneft and Lukoil, Russian oil of the Urals brand is being offered to Indian refineries at the lowest price in the last two years – the price has become $7 per barrel cheaper than the price of Brent oil. This offer applies to lots that will be shipped in December and delivered to customers in January of the following year.
Most Indian refiners, according to the agency, have withdrawn orders for Russian oil after the latest US sanctions, but in recent days the mood of Indian companies has changed due to lower prices for Urals oil: some refiners are now willing to buy Russian oil from sellers who are not subject to sanctions.
The US imposed sanctions on October 22 “due to Russia’s lack of serious commitment to the peace process aimed at ending the war in Ukraine.” Together with the main organizations, subsidiaries of Rosneft and Lukoil companies, including gasoline sales networks, companies conducting geological exploration, oil and gas production, field management, and logistics were included in the list.
