Russia’s revenues from its fossil fuel exports, which account for huge chunks of the Kremlin’s incomings, have dropped significantly during the course of the war. They are down 27% from the year before the invasion, and dropped 19% over the last year, according to a report from the Centre of Research on Energy and Clean Air. The main reason for this isn’t lower export volumes, though: fossil fuel export volumes only dropped 14% from the year before the invasion, and 3% last year. Instead, Russia’s declining oil revenue appears to be caused by the plunging price of fossil fuels like crude oil, which had fallen below $60 per barrel late last year – it was above $100 per barrel during the first few months of the war. It won’t help either that the discount on sanctioned Russian oil has reached its highest level since 2023.
Graphic Truth
Graphic Truth: Russia’s declining fossil fuel revenues
By Zac Weisz,
Zac Weisz
Zac reports on global affairs, covering everything from battles between judicial branches and political leaders, to conflicts in Africa, Europe, and the Middle East. With the Trump administration keen to alter the world order, though, there’s a heavy emphasis right now on US politics – an area with which he is intimately familiar. Prior to joining GZERO, Zac was a senior national politics correspondent at National Journal, where he covered the 2024 presidential election from its inception to the dramatic finish, as well as major congressional actions during the Biden administration. Prior to journalism, Zac worked as an economic analyst for Oxford Economics, calculating the impact of various tax policies, and of Britain’s exit from the European Union. Born in London, he currently resides in New York City, where you can find him playing football (the original version) or watching it on television while attempting to cook up a storm.
Eileen Zhang
