Russia’s oil export revenues fell sharply in November, hitting their lowest monthly level since the Kremlin launched its full-scale invasion of Ukraine in 2022, according to new data released Thursday by the International Energy Agency. The plunge underscores how Western sanctions and Ukrainian attacks on energy facilities are eroding a key pillar of Moscow’s war-time finances.
As the world’s third-largest oil producer, Russia relies heavily on fossil-fuel income to sustain government spending. But both export volumes and prices have declined, the IEA reported, dragging revenues down to just $11 billion for November — a steep $3.6 billion drop compared with the same month last year. The agency said the latest figures reflect mounting pressure on Russia’s energy logistics as well as shrinking market access amid tightening sanction regimes.
The stress is also evident in Moscow’s own financial disclosures. Russia’s finance ministry confirmed that oil and gas revenues for the first nine months of the year fell 22 percent, totaling $88 billion. Economists warn that the combination of slow domestic growth, intensifying military expenditures and diminishing energy income could strain Russia’s budget further as the conflict heads into another year.
