Sanctions Pushed Russian Oil Revenues Lower in 2025

Sanctions from the European Union and the United States pressured Russian crude oil export revenues to a 20% decline on the year in 2025, the Financial Times reported, citing Agus pricing data. The data suggests that the discount between Russian crude and international benchmarks widened to $24 per barrel last year, from an average of $15 per barrel for both 2023 and 2024. The discount, coupled with generally weaker oil prices last year, reduced the state budget income from crude oil exports. A stronger ruble has aggravated the effect of lower…