Overview
- Reuters calculations indicate November oil and gas takings may have fallen about 35% to 520 billion rubles, with January–November revenues down roughly 22% to around 8 trillion rubles as weaker prices and a stronger ruble hit receipts.
- A Kremlin-released video shows tax chief Daniil Egorow informing Vladimir Putin that oil and gas exports have dropped by about 2 trillion rubles since the start of 2025, as the finance ministry projects a 4.2‑trillion‑ruble deficit.
- New U.S. sanctions that took effect on November 21 target Rosneft and Lukoil, the EU adopted additional restrictions, and Bulgarian authorities moved to force sales of Lukoil assets, tightening the squeeze on Russian energy operations abroad.
- Chinese state buyer Yanchang Petroleum halted Russian purchases and bought three million barrels from the UAE and Kazakhstan for January delivery, reflecting growing caution among key Asian buyers facing secondary‑sanctions risk.
- EU governments are intensifying action against Russia’s shadow fleet, Urals crude has traded at steep discounts, European diesel prices jumped, and an EU ban from January 26 on fuels made from Russian crude could remove roughly 13% of Europe’s diesel imports, with official Russian figures due December 3.