Russian Oil And Gas Revenues Collapse To Lowest Level Since The Coronavirus Pandemic

• 16.01.2026, 13:17

Reuters revealed the details.

Russia's federal budget revenues from oil and gas in 2025 compared to 2024 fell 24 percent, from 11.13 trillion rubles to 8.48 trillion rubles ($108, 03 billion) due to falling oil prices and a stronger ruble. This is the lowest level since 2020.

Reuters writes Reuters, citing information from the Russian Finance Ministry.

Oil and gas revenues are a major source of funds for the Kremlin, accounting for a quarter of federal budget revenues, which have been depleted by significant defense and security spending since Russia launched a full-scale war in Ukraine in February 2022, Reuters notes.

Oil prices fell more than 18 percent in 2025 - the fastest annual drop since 2020 - amid growing concerns about oversupply.

Revenues were also below the 8.65 trillion rubles the Russian Finance Ministry expected in its downgraded estimates, compared with its initial forecast of 10.94 trillion rubles for 2025.

Russian oil and gas revenues were last at that level in 2020, when they fell to 5.24 trillion rubles amid the COVID-19 pandemic and oil market collapse.

Ukraine and its Western backers have repeatedly said they want to limit Russian oil revenues to force the world's second-largest oil exporter to end its war in Ukraine, Reuters writes.

Russian oil and gas revenues fell to 447.8 billion rubles in December 2025 from 790.2 billion rubles in December 2024 and 530.9 billion rubles in November 2025.

As reported, the Russian federal budget revenues from oil and gas at the end of 10 months compared to the same period last year decreased by 21.4%, or 2 trillion rubles, from 9.54 trillion rubles to 7.5 trillion rubles ($92.4 billion).

In 2024, the Russian budget received 11.13 trillion rubles from oil and gas.