Russia oil export revenue lowest since Ukraine war
Russia’s oil export revenue has fallen to its lowest level since the full-scale invasion of Ukraine in February 2022, according to the International Energy Agency (IEA). In November 2025, Russia’s income from crude oil and refined product exports dropped to about $10.97 billion, significantly below figures from the same period last year as global prices weakened and export volumes declined. This represents the lowest monthly revenue level since the start of the war. The slump is attributed to reduced export volumes, weaker crude prices, intensified Western sanctions targeting key producers, and ongoing Ukrainian attacks on energy infrastructure. Russian seaborne oil exports through the Black Sea also declined sharply, contributing to the revenue drop. The decline underscores mounting pressure on Moscow’s vital energy earnings, which are a core component of its federal budget amid continued conflict and geopolitical tensions.
The fall in oil export revenues comes as global markets adjust and sanctions remain in place. The drop by nearly $3.6 billion year-on-year reflects both price and volume effects, with weaker demand and discounts pushing revenue down. Analysts note that such low revenue levels strain Russia’s economic capacity at a time when financing for military operations and government spending remains critical.
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