Russian energy revenues fall to lowest point since pandemic as oil prices tumble
Russia oil and gas revenues fell 24 percent in 2025 as global prices dropped. The decline creates fiscal pressure while military spending remains heavy.
Insights:
Russia 
RUsaw its federal budget oil and gas revenues decline by 24 percent in 2025, falling to 8.48 trillion roubles from 11.13 trillion roubles in 2024. This marks the lowest revenue level for the sector since 2020, when pandemic-era market collapses drove totals down to 5.24 trillion roubles. The sharp downturn comes as oil and gas revenues constitute one-quarter of all federal budget proceeds for the Kremlin.
RUsaw its federal budget oil and gas revenues decline by 24 percent in 2025, falling to 8.48 trillion roubles from 11.13 trillion roubles in 2024. This marks the lowest revenue level for the sector since 2020, when pandemic-era market collapses drove totals down to 5.24 trillion roubles. The sharp downturn comes as oil and gas revenues constitute one-quarter of all federal budget proceeds for the Kremlin.
