Russia’s oil export revenues fell in November to their lowest monthly level since Moscow launched its invasion of Ukraine in 2022, according to a report released by the International Energy Agency on Thursday, December 11.
As the world’s third-largest oil producer, Russia has seen its fossil fuel earnings steadily squeezed by sluggish economic growth, the deepening impact of Western sanctions, and increasingly frequent Ukrainian strikes on its energy infrastructure.
The IEA noted that both export volumes and prices declined during the month, “dragging export revenues to their lowest since Russia’s invasion of Ukraine in February 2022.”
Total revenue for November stood at $11 billion — a drop of $3.6 billion compared to the same period last year. Data from Russia’s finance ministry also shows that oil and gas income plunged 22 percent in the first nine months of the year, falling to $88 billion.
The agency reported that Ukrainian attacks on Russia’s sanctions-evading “shadow fleet” and marine oil facilities cut nearly half of the country’s seaborne oil exports through the Black Sea in November.
“After weathering significant unplanned refinery outages in November, tightness in refined product markets has eased, but sanctions in the first quarter of 2026 will provide fresh challenges,” the IEA added.
In October, the United States introduced some of its toughest sanctions yet on Russia’s energy sector, targeting Rosneft and Lukoil — the nation’s two largest oil producers — as part of ongoing efforts to pressure Moscow to end the nearly four-year war.
Meanwhile, Ukraine has intensified strikes on Russian refineries throughout the summer and early autumn, causing spikes in domestic fuel prices and forcing several Russian regions to impose temporary petrol rationing.
A mix of soaring military expenditure, persistent inflation, and falling oil revenue has put Russia’s finances under strain. Moscow is expected to record a $50 billion budget deficit this year — around three percent of GDP — and plans to raise taxes on consumers and businesses next year as it seeks to narrow the shortfall.
