Russian oil and gas
prices plummet

Oil and gas revenue – Russia’s
leading source of income for its
Ukraine war machine – fell by
24% in 2025, according to
ministry data

RUSSIA OIL AND GAS REVENUE
In trillions of roubles
(USD billions)

12 RUB trillion
11
10
9
8
7
6
5
4
3
2
1
0

2018 2019 2020 2021 2022 2023 2024 2025

Gas
Oil

1.44
(18.72)
1.32
(17.16)
0.92
(11.96)
1.70
(22.10)
3.50
(45.50)
1.79
(23.27)
1.94
(25.22)
1.35
7.58 (17.55)
(98.54)
6.60
(85.80)
4.31
(56.03)
7.35
(95.55)
8.08
(105.04)
7.04
(91.52)
9.19
(119.47)
7.13
(92.69)

Earnings from fossil fuels account for quarter of Russia’s federal budget –
funds which are increasingly strained by costly war with Ukraine

Sources: Reuters, Bloomberg 1 RUB = 0.013 USD
Picture: Getty
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