Russia's oil revenues have fallen by 20% compared to 2024

Russia's oil revenues fell by 20% in 2025 compared to 2024.
The decline in oil revenues is primarily the result of lower oil market prices. Brent crude fell from an average of $80 per barrel in 2024 to $68 per barrel in 2025.
More recently, US sanctions against Russian oil companies Lukoil and Rosneft led to a significant increase in the discount granted by Russia to sell its production, with the average spread between Brent and Russian oil prices rising from $15 per barrel in 2023 and 2024 to $24 per barrel at the end of 2025.