Russia's oil and gas revenues at a five-year low. They fell even more than the already revised downward estimates

Oil and gas revenues to Russia's federal budget fell 24 percent in 2025 to the lowest level since 2020, according to data provided by the Finance Ministry in Moscow, as oil prices rose and the ruble appreciated, according to Reuters.

They are Russia's main source of money and account for a quarter of the federal budget's revenue, drained by massive defense and security spending since the Kremlin's military campaign in Ukraine began in February 2022.

According to the ministry, oil and gas revenues fell to 8.48 trillion rubles ($108.03 billion) last year, down from 11.13 trillion rubles in 2024.

Oil prices fell more than 18% in 2025, the steepest annual decline since 2020.

Revenues below estimates

The revenue was lower even than the Finance Ministry's revised downwards estimate of 8.65 trillion rubles, which had started from an initial forecast of 10.94 trillion rubles for 2025.

Russia's oil and gas revenues had not hit such low levels since 2020, when, amid the COVID-19 pandemic and problems in the oil market, they fell to 5.24 trillion rubles.

Ukraine and its Western backers have repeatedly said they want to cut Russia's oil revenues to force the world's second-largest oil exporter to end the war launched in February 2022.

In December 2025, oil and gas revenues fell to 447.8 billion rubles, from 790.2 billion rubles in the corresponding month of 2024. In November 2025, they were 530.9 billion rubles.