Dialogos

Russia's Oil and Gas Revenues Down 24% in 2025

Published January 15, 2026, 18:01
Russia's Oil and Gas Revenues Down 24% in 2025

Russia's federal budget revenues from oil and natural gas fell by 24% in 2025, reaching their lowest level since 2020. This decline is attributed to falling oil prices and a strengthening ruble. Revenues from oil and natural gas are a major source of income for Russia, accounting for about a quarter of the budget. Ukraine and its Western allies are seeking to limit Russia's oil revenues in an effort to force Russia to end the war in Ukraine.