Russia's oil and gas revenues plunge to record low
Photo: Vladimir Putin (Getty Images)
Russia's revenues from oil and gas sales in January fell by almost half compared to the same period last year and reached their lowest level since July 2020, according to Reuters.
Read also Russian oil revenue drops by one third, losing $500 million weekly.
In January, revenues from energy exports amounted to 393.3 billion rubles (about $5.1 billion), which is lower than in December, when they reached 447.8 billion rubles.
The main reasons for the decline were lower global crude oil prices and the strengthening of the Russian ruble. Oil and gas revenues remain a key source of revenue for the Russian budget, accounting for almost a quarter of all federal treasury revenues.
Against the backdrop of rising defense and security spending, Russia's budget deficit in 2025 amounted to 5.6 trillion rubles, or 2.6% of GDP. A significant portion of the budget is being used to finance the war against Ukraine.
The Russian government forecasts that oil and gas revenues will amount to 8.92 trillion rubles in 2026, while total budget revenues are expected to reach 40.283 trillion rubles.
At the same time, according to last year's results, Russian federal budget revenues from oil and gas fell by 24% to 8.48 trillion rubles, the lowest figure since 2020.
Undermining Russia's economy
Ukraine and its Western allies have repeatedly stated their intention to force Russia to end the war by undermining its economic capabilities, primarily in the oil and gas sector.
At the end of last year, Ukraine carried out a series of successful strikes on oil tankers used by Russia to circumvent international sanctions.
In particular, Ukrainian drones hit four ships of the shadow fleet in the Black and Mediterranean Seas.
These operations were notable for their wide geographical scope: three tankers were attacked by sea drones in the Black Sea, and another vessel was hit by air drones in the Mediterranean Sea.
At the same time, four strikes were recorded on Russian oil platforms in the Caspian Sea.
Since January 2024, Ukraine has also significantly intensified its attacks on Russian oil infrastructure, particularly large oil refineries, which directly affect the Kremlin's revenues and its ability to finance the war.
