Friday, December 12, 2025 -Russia’s oil export revenues fell in November to their lowest monthly level since Moscow invaded Ukraine in 2022, the International Energy Agency said on Thursday, December 11.
The world’s third largest oil producer has seen its fossil
fuel income come under pressure from slow economic growth, the mounting impact
of Western sanctions, and intensified Ukrainian attacks on its energy
infrastructure.
Both export volumes and prices have declined, “dragging
export revenues to their lowest since Russia’s invasion of Ukraine in February
2022,” the IEA said.
Total revenue for November reached $11 billion, which was
$3.6 billion lower than the same month last year. According to the Russian
finance ministry, oil and gas revenues dropped 22 percent in the first nine
months of the year to $88 billion.
The IEA also reported that Ukrainian strikes on Russia’s
sanctions evading “shadow fleet” and marine oil facilities cut almost half of
Russia’s November seaborne oil exports through the Black Sea.
“After weathering significant unplanned refinery outages in
November, tightness in refined product markets has eased, but sanctions in 1Q26
will provide fresh challenges,” the agency said.
In October, the United States imposed some of its toughest
sanctions yet on Russia’s energy sector, targeting Rosneft and Lukoil, the
country’s two biggest oil producers, in an effort to pressure Moscow to end the
nearly four-year war in Ukraine.
Ukraine has meanwhile stepped-up attacks on Russian
refineries throughout the summer and early autumn, triggering spikes in
domestic petrol prices and forcing several Russian regions to introduce
temporary fuel rationing.
A combination of high military spending, entrenched
inflation and falling oil revenues has strained Russia’s finances. Moscow is
expected to run a $50 billion budget deficit this year, roughly three percent
of GDP, and plans to raise taxes on consumers and businesses next year to
narrow the gap.
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