Russia Oil Revenue Falls by a Third on Weak Crude, Strong Ruble

By Bloomberg News

Dec 3, 2025 (Bloomberg) –The Russian government’s oil proceeds shrank by almost a third in November from a year ago as weaker crude prices and a stronger currency took their toll on revenues.

Oil-related taxes declined by 32% to 413.7 billion rubles ($5.3 billion) last month, according to Bloomberg calculations based on finance ministry data published Wednesday. Combined oil and gas revenue fell by 34% to 530.9 billion rubles. 

Lower proceeds from those industries — which have accounted for about a quarter of Russia’s budget so far this year — will ramp up pressure on state finances, burdened by military spending on the war against Ukraine that’s well into its fourth year. 

Global crude prices have drifted lower ahead of an expected supply glut, and the discount for Russian blends has gotten even steeper after US President Donald Trump blacklisted the nation’s two largest producers, Rosneft PJSC and Lukoil PJSC, to pressure his counterpart Vladimir Putin to end the war in Ukraine. 

On a month-to-month basis, oil revenue almost halved, reflecting the fact that one of Russia’s main oil taxes — a profit-based levy — is paid four times a year in March, April, July and October. 

Russia’s finance ministry calculated oil revenue based on the average price of Urals — its key export blend — at $53.68 a barrel in October, 17% lower than a year ago.

Read More: Russian Oil Plunges With Top Producers Days Away From Sanctions

A stronger currency also contributed to lower revenue, as it means producers receive fewer rubles for each dollar earned by selling a barrel of oil. In October, the Russian currency averaged 81.0089 rubles against the US dollar, 15% stronger than a year earlier.

© 2025 Bloomberg L.P.

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