The revenues of the federal budget of the Russian Federation from oil and gas exports significantly decreased in November. According to official data from the Russian Ministry of Finance, compared to November of last year, revenue volumes decreased by 33.8%, and compared to October of this year, they fell by 40.3%. For the period from January to November 2025, revenues from energy resource sales decreased by 22.4% compared to the same period in 2024, totaling 8 trillion rubles. This is significantly less than the planned 10.94 trillion rubles in oil and gas revenues for the year by the Russian Ministry of Finance.
This is reported by Business • Media
Supplies of Russian Oil to China Threatened by Sanctions
Pipelines supplying Russian oil to China through Kazakhstan are in question due to sanctions imposed by the United States against Rosneft. The future of exports depends on the decision of the U.S. Treasury regarding a request from Kazakhstan’s Ministry of Energy, which seeks clarification on the possibility of continuing cooperation under the restrictions.
If a general license is obtained and the pipeline is removed from sanctions, supplies could be fully restored. However, if the necessary permission is not granted, Kazakhstan may face a choice: suspend the transit of Russian oil or risk falling under secondary sanctions that could be applied to the operator of the national pipeline system, Kaztransoil.
Through this pipeline, Rosneft transports up to 10 million tons of oil to China annually, and Kaztransoil receives $15 for each ton of transit according to a contract signed in 2023. However, the majority of Russian oil is purchased by China via maritime routes — about 1 to 1.5 million barrels per day.
Russia Compensates for Losses with Reserves
The consequences of falling oil and gas revenues are already being felt in the Russian budget. According to forecasts from the country’s Ministry of Finance, in December, revenues from oil and gas exports will not reach the baseline level of 137.6 billion rubles. To cover this deficit, the Russian government plans to use sales of currency and gold from the National Welfare Fund. Such sales volumes are estimated to exceed current monthly volumes of similar operations by 56 times.
“According to the Russian Ministry of Finance, federal budget revenues from oil and gas in November fell by 33.8% compared to last November, and by 40.3% compared to October. Overall, for the first 11 months, revenues from energy resource sales decreased by 22.4% compared to the same period last year, totaling ₽8 trillion. Previously, the Russian Ministry of Finance expected to collect ₽10.94 trillion in oil and gas revenues this year.”