Revenues of Russia's state sector from oil and gas are likely to fall almost by half in December 2025 compared with the previous year – down to RUB 410 billion (US$5.17 billion) – due to lower crude prices and a stronger rouble.

Source: Reuters, citing its calculations

Details: Annual revenues are expected to decrease by almost a quarter to RUB 8.44 trillion (about US$105.8 billion), which is below the Russian Finance Ministry's forecast of RUB 8.65 trillion (about US$108.5 billion).

Russia last reported its lowest monthly oil and gas revenues of RUB 405 billion (about US$5 billion) in August 2020, when oil prices collapsed during the COVID-19 pandemic.

In November, the price of Russian oil in roubles fell by 17.1% compared with October.

Background: It had been expected that in November 2025, Russia's budget revenues from oil and gas could fall by around 35% compared with the same month in 2024 – to RUB 520 billion (US$6.59 billion) – due to cheaper oil and a stronger rouble.

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