Russia Oil Revenue Falls by a Third on Weak Crude, Strong Ruble
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.
A drone view shows tugboats assisting a liquified natural gas (LNG) tanker to dock at a port in Yantai, Shandong province, China February 14, 2025. cnsphoto via REUTERS
LNG carrier Valera has arrived at PipeChina’s Beihai Terminal carrying a load of sanctioned liquefied natural gas (LNG) from Gazprom’s Portovaya LNG plant. This marks the first delivery to China from the blacklisted plant since U.S. sanctions targeted the facility in January 2025. This latest shipment underscores the further expansion of Sino-Russian energy cooperation.
Valera’s arrival at Beihai cements the terminal’s growing role as a preferred destination for sanctioned Russian LNG. Since August, the facility has been receiving cargoes from the blacklisted Arctic LNG 2 project, and nearly 20 such shipments of Russian origin have been offloaded there since. Several additional cargoes are currently en route.
The latest shipment began on October 25 when Valera departed the Baltic Sea terminal. The vessel itself is also under sanctions by the U.S. and UK for its involvement in Russia’s “shadow fleet” transporting Russian energy.

Valera remained docked at the Beihai terminal on December 8. Unlike several other Russian-controlled carriers that recently returned to transiting the Suez Canal, Valera opted for the longer route around the Cape of Good Hope.

The shipment to the terminal in Guangxi province is the first time China has publicly received gas from the U.S.-sanctioned Portovaya plant. A previous attempt in October involved a dark fleet ship-to-ship transfer of LNG off the coast of Malaysia between vessels Perle and CCH Gas. CCH Gas, which received a sanctioned Portovaya cargo during that operation, has not called at any Chinese port since. Its exact whereabouts remain uncertain despite satellite imagery placing it south of Hainan last month.
Valera broadcast continuous AIS signals throughout its journey and during its approach to Beihai, a departure from the increasingly common practice of AIS spoofing designed to mask the origin of sanctioned oil or gas.
The transparency of the Valera delivery is a sign of further reduction in Chinese reservations to receive sanctioned Russian products. For Moscow, it demonstrates a viable export outlet despite tightening Western sanctions. For Beijing, it signals a willingness to continue its energy engagement with Russia, reinforcing a strategic energy partnership that shows no signs of cooling.
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