Russia’s Oil and Gas Revenues Dropped by 18% in February

Russia’s Oil and Gas Revenues Dropped by 18% in February | OilPrice.com

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Breaking News:

ByTsvetana Paraskova– Mar 05, 2025, 7:15 AM CST

Russia saw its oil and gas budget revenues drop by 18.4% in February from a year earlier, according to data from the Russian Finance Ministry.

Last month, Russia’s budget received $8.6 billion (771.3 billion Russian rubles) from oil and gas, down from $10.6 billion (945.6 billion rubles) in February last year.

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The lower oil prices have played a role in Russia’s lower revenues in February 2025 compared to a year earlier.

Going forward, Russia’s revenues from oil are set to be volatile, due to the January sanctions on Russian oil trade, which may delay some shipments and payments until the supply chains are reshuffled.

Proceeds from oil and gas sales are the most important cash stream for Russia’s federal budget.

Russia has been signaling it would be seeking to reduce its dependence on oil to minimize the impact of volatile oil and gas prices on its budget revenues.

Meanwhile, in recent weeks Moscow has been struggling to offload its crude.

Tankers continue to load crude oil from Russia but many of these are seeing difficulty in delivering the cargo to ports as buyers avoid supply chain sanctioned by the United States, according to data compiled by Bloomberg.

The Biden Administration’s farewell sanctions on Russian oil trade were the most aggressive yet and sanctioned dozens of vessels that Russia used to ship the ESPO crude blend from the Far Eastern port of Kozmino to China’s independent refiners. Many of the vessels, specialized tankers, and shuttle tankers transporting Russia’s oil from the Arctic and Far East Pacific fields and production clusters to Asia have now been sanctioned.

Of the 19 vessels loaded from the Sakhalin Island in Russia since the U.S. sanctions came into effect, only five have delivered their cargoes to a final port of destination, according to the data reported by Bloomberg.

By Tsvetana Paraskova for Oilprice.com

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