Russia’s federal budget revenues from oil and gas fell by 24% in 2025, reaching their lowest level since 2020, according to data from the Russian Ministry of Finance, as oil prices declined and the rouble strengthened.
Oil and gas revenues are a key source of cash for the Kremlin, accounting for roughly a quarter of federal budget income, which has been under pressure from high defence and security spending since Russia launched its military campaign in Ukraine in February 2022.
Largest annual decline
The Ministry reported that revenues from oil and gas fell last year to 8.48 trillion roubles (USD 108.03 billion), down from 11.13 trillion roubles in 2024. Oil prices dropped by more than 18% in 2025 - the largest annual decline since 2020 - amid growing concerns over oversupply.
Revenues were also below the 8.65 trillion roubles expected in the Ministry’s revised forecasts, and well under the original projection of 10.94 trillion roubles for 2025.
Oil and gas revenues were last at such low levels in 2020, when, during the pandemic and the collapse of the oil market, they fell to 5.24 trillion roubles.
Aim to end Ukraine war
Ukraine and its Western allies have repeatedly said they aim to curb Russian oil revenues in order to pressure the world’s second-largest oil exporter to end the war in Ukraine.
In December 2025 alone, oil and gas revenues fell to 447.8 billion roubles, down from 790.2 billion roubles in the same month in 2024 and 530.9 billion roubles in November 2025.