In November, Russia will lose 35% of oil revenues - Reuters

Russia's revenues from oil and gas in November could drop by approximately 35% compared to the same month in 2024 - to 520 billion rubles. These estimates are provided by Reuters, noting that the decline was influenced by cheaper Russian oil and a strengthening ruble.

For the Kremlin, this is a painful trend, as after the start of the war against Ukraine, Moscow sharply increased defense and security spending. Energy revenues remain a key source of budget funding, accounting for about a quarter of all revenues.

In November, Russia will lose 35% from energy: what influenced the decline

According to Reuters, tax revenues from the energy sector will also decline by 7.4% compared to October. Overall, for 11 months of 2025, Russia's revenues from oil and gas could decrease by 22% - to 8 trillion rubles.

The price of Russian oil for tax calculations from January to November was $57.3 per barrel, compared to $68.3 a year earlier. At the same time, the ruble strengthened from 91.7 to 81.1 against the dollar, which further reduced export profits. The Ministry of Finance of Russia will publish its estimates on December 3.

Sanctions and Western pressure: how the Russian economy responds

Ukraine and its Western partners emphasize that they want to force Russia to stop the war by undermining its economic capabilities. The U.S. Treasury announced on November 17 that sanctions against Russian oil giants Rosneft and Lukoil are already reducing Moscow's revenues and will decrease oil sales in the long term.

Earlier, the Russian Ministry of Finance forecasted to receive 10.94 trillion rubles from oil and gas in 2025, but due to falling prices, it was forced to lower expectations to 8.65 trillion rubles.

It should be noted that in October 2025, revenues of Russian companies and individual entrepreneurs collapsed to $82.5 billion, which is 21.3% less compared to the previous month.