Russia has lost over a third of its oil and gas revenues and plans to compensate for the deficit using reserves
The federal budget revenues of the Russian Federation from oil and gas in November 2025 decreased by 33.8% compared to the same period last year, while the decline compared to October was 40.3%. Over the past 11 months, the total revenue from energy resource exports has decreased by 22.4%, amounting to 8 trillion rubles, although the Ministry of Finance of the Russian Federation had previously expected to receive 10.94 trillion rubles in revenues from the oil and gas sector.
This is reported by AgroReview
US sanctions have impacted oil exports to China
Pipelines transporting Russian oil to China through Kazakhstan are under threat due to US sanctions imposed on the company “Rosneft”. The future of the exports depends on the decision of the US Department of the Treasury regarding the request from the Ministry of Energy of Kazakhstan, which seeks official clarifications on the possibility of continuing transit under the new conditions. If the American side issues a general license and removes the pipeline from sanctions, supplies will continue. Otherwise, Kazakhstan will have to either suspend transit or risk the national pipeline operator “Kaztransoil” falling under secondary sanctions.
“Through the pipeline via Kazakhstan, “Rosneft” transports 10 million tons of oil to China annually, while “Kaztransoil” receives $15 for each ton of transit according to a contract signed in 2023.”
At the same time, the majority of Russian oil for China is supplied by sea, amounting to between 1 and 1.5 million barrels per day.
Russia’s budget deficit will be covered by reserves
The Ministry of Finance of the Russian Federation forecasts that in December 2025, oil and gas revenues will not reach the baseline level of 137.6 billion rubles. To compensate for the deficit, the Russian authorities plan to carry out large-scale sales of foreign currency and gold from the National Wealth Fund, the volumes of which will exceed current monthly figures by 56 times.