Russia’s oil export revenues fell in November to their lowest monthly level since Moscow invaded Ukraine in 2022, the International Energy Agency said on Thursday, December 11.
The world’s third largest oil producer has seen its fossil fuel income come under pressure from slow economic growth, the mounting impact of Western sanctions, and intensified Ukrainian attacks on its energy infrastructure.
Both export volumes and prices have declined, “dragging export revenues to their lowest since Russia’s invasion of Ukraine in February 2022,” the IEA said.
Total revenue for November reached $11 billion, which was $3.6 billion lower than the same month last year. According to the Russian finance ministry, oil and gas revenues dropped 22 percent in the first nine months of the year to $88 billion.
The IEA also reported that Ukrainian strikes on Russia’s sanctions evading “shadow fleet” and marine oil facilities cut almost half of Russia’s November seaborne oil exports through the Black Sea.
“After weathering significant unplanned refinery outages in November, tightness in refined product markets has eased, but sanctions in 1Q26 will provide fresh challenges,” the agency said.
In October, the United States imposed some of its toughest sanctions yet on Russia’s energy sector, targeting Rosneft and Lukoil, the country’s two biggest oil producers, in an effort to pressure Moscow to end the nearly four year war in Ukraine.
Ukraine has meanwhile stepped up attacks on Russian refineries throughout the summer and early autumn, triggering spikes in domestic petrol prices and forcing several Russian regions to introduce temporary fuel rationing.
A combination of high military spending, entrenched inflation and falling oil revenues has strained Russia’s finances. Moscow is expected to run a $50 billion budget deficit this year, roughly three percent of GDP, and plans to raise taxes on consumers and businesses next year to narrow the gap.
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