Sanction restrictions imposed by the United States against Russian companies “Rosneft” and “Lukoil,” as well as strikes by the Armed Forces of Ukraine on oil refineries and port infrastructure in Russia, have significantly impacted the energy resource market. As a result of these actions, the volumes of Russian oil and petroleum product exports have decreased substantially, leading to a drop in raw material prices.
This is reported by Business • Media
Significant Reduction in Revenues and Exports
According to the International Energy Agency (IEA), in November 2025, Russia earned $10.97 billion from oil and petroleum product exports. Compared to November 2024, this figure decreased by nearly 25% (or $3.59 billion), marking the lowest level since the full-scale invasion of Ukraine by Russia in 2022.
“Notably, total maritime exports through the Black Sea have decreased by 42%, to 910,000 barrels per day due to recent attacks by Ukraine on shadow fleet vessels and energy facilities,” emphasized the IEA.
The reduction in supplies occurred due to strikes on vessels and key energy facilities, which significantly affected the logistics of Russian energy resource exports.
Increase in Military Spending and Market Situation
The decline in oil sales revenues occurs against the backdrop of record military spending by Russia. In the first nine months of 2025, these expenditures reached ₽11.85 trillion, which is 30% (or ₽2.76 trillion) more than in the same period last year. Thus, the financial burden on the country’s budget is increasing as the main source of revenue for Russia is rapidly depleting.
Despite sanctions, India continues to increase its imports of Russian oil. It is expected that in December 2025, the volumes of supplies from Russia to India will reach 1.85 million barrels per day, slightly exceeding the November figures (1.83 million barrels per day). Thus, India is ignoring the pressure of sanctions and reaching a new semi-annual peak in imports.