Russian oil income drops sharply as sanctions bite
Moscow’s energy revenues fell by a fifth in 2025 compared with previous year
Moscow’s energy revenues fell by a fifth in 2025 compared with previous year

Decision risks upending the industry by disrupting exports and forcing both companies to adapt

Measures mark Donald Trump’s first effort to punish energy companies that ‘fund the Kremlin’s war machine’

Price increases show that western restrictions are limiting Moscow’s capabilities, Bank of Finland research finds

US sanctions on Russia’s biggest oil companies have added to fears of shortages from refinery shutdowns

Dwindling oil revenues and a widening deficit may force Moscow to cut some non-military spending in this month’s budget

Higher insurance costs, western sanctions and damage to infrastructure could erode Russian profits