In Russia, oil and gas revenues declined by 27% year-over-year in October 2025, marking the most significant drop since the start of the war. Losses reached 322 billion rubles, and total revenues fell to 7.5 trillion rubles in 10 months, 2 trillion less than a year earlier.
According to a report by the Russian Finance Ministry, in October the Russian budget received 888.6 billion rubles ($10.94 billion) in taxes from oil and gas companies, 27% less than in October 2024. Revenues from the central mining tax fell by 26%, from 908.1 billion to 671.3 billion rubles.
According to the results accumulated from January to October, the budget collected 7.5 trillion rubles ($92.37 billion) in oil and gas revenues, compared to 9.54 trillion rubles ($117.51 billion) in the same period last year.
The Kremlin admits that US sanctions, which have hit Rosneft and Lukoil, are creating new risks. These two companies account for approximately half of Russia's oil exports, at around 2.2 million barrels per day. Taking into account the already blocked Surgutneftegaz and Gazprom Neft, about 70% of all exported crude oil has fallen under American sanctions.
