Russia’s oil export revenues fell sharply in November 2025, dropping to their lowest monthly level since the country’s invasion of Ukraine in 2022, according to the International Energy Agency (IEA).

The decline was driven by weak economic growth, mounting sanctions, and Ukrainian attacks on energy facilities. Both export volumes and global oil prices fell, dragging revenues down to $11 billion — $3.6 billion lower than the same period last year.

Russia’s finance ministry reported that oil and gas revenues for the first nine months of 2025 totaled $88 billion, representing a 22 percent decline compared to the previous year. Ukrainian strikes on Russia’s “shadow fleet” and marine oil facilities cut nearly half of November’s seaborne exports through the Black Sea.

The IEA noted that while refinery outages tightened refined product markets in November, sanctions expected in early 2026 will pose fresh challenges. Meanwhile, Russia faces rising military spending, entrenched inflation, and a projected $50 billion budget deficit, equivalent to about three percent of GDP. To address the shortfall, Moscow plans to raise taxes on consumers and businesses in 2026.