A feature published by Bloomberg has highlighted that revenues of Russia’s major oil companies have gone down by more than 50% valued in the Russian Rouble. Ukraine has been targeting Russia’s oil industry mainly oil refineries and other infrastructure as part of its economic war to deplete the Russian government’s income. Oil and gas tax revenue make the lion’s share of the Russian government’s revenues.
A weaker Rouble has bolstered Russia’s revenues at home since oil sales are made in US Dollars or measured by the equivalent value, while Russia’s shadow fleet has helped the Russian oil industry to deliver oil seamlessly and even help increase export sales, however Ukraine is cutting Russia’s capability of producing refined oil products at home.
Earlier on during this night, Ukraine has struck the Krasnador and the Syzran refineries along with a chemical plant in Aleksinsky with drones.
Gazprom, Russia’s crown jewel and national gas company seems to be fairing than its oil counterparts after having successfully weathered its losses in Europe with alternative clients such as China. Higher gas prices have also helped its revenues significantly.
Russia’s oil and gas revenues were below their 2019 level in 2024 in terms of US Dollars. Russia’s oil and gas revenues for 2025 may come out critically lower at the nd of the year due to Ukraine’s ongoing operations against Russia’s oil industry.
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