Published by Global Banking & Finance Review®
Posted on September 11, 2025
2 min readLast updated: January 22, 2026
Add as preferred source on GoogleRussia's oil revenue fell in August due to sanctions and reduced exports, with Urals oil priced below the $60 cap, impacting the economy.
MOSCOW (Reuters) -Russia's revenue from sales of crude oil and oil products declined in August to one of the lowest levels seen since the start of the conflict in Ukraine, the International Energy Agency said on Thursday.
Russia's energy industry has been challenged by Ukrainian drone strikes on oil refineries and export pipelines as well as Western sanctions.
The IEA said the revenues fell by $920 million from July to $13.51 billion following a decline in crude oil and fuel exports as well as the widening discount to the Russian flagship Urals oil blend's price to around $56 per barrel, below the Western-imposed price cap of $60 per barrel.
"Russia's oil export revenues remain near five-year lows, reducing tax revenues and exacerbating Russia's economic slowdown," the Paris-based IEA said.
Russian oil and fuel exports eased by 70,000 barrels per day to 7.3 million bpd in August as crude fell 30,000 bpd and products 40,000 bpd, according to the agency.
The IEA also said that Russian oil production declined last month by 30,000 bpd to 9.3 million bpd, in line with the output quotas set by the Organization of the Petroleum Exporting Countries and its allies, a group, known as OPEC+.
(Reporting by Olesya Astakhova and Vladimir Soldatkin, Editing by Louise Heavens)
Crude oil is a natural, unrefined petroleum product composed of hydrocarbon deposits and other organic materials. It is extracted from the ground and refined into various products like gasoline, diesel, and other petrochemicals.
Sanctions are restrictions imposed by countries or international organizations to influence or punish a nation for specific behaviors. They can include trade barriers, tariffs, and restrictions on financial transactions.
The Urals oil blend is a major crude oil blend produced in Russia, known for its medium density and sulfur content. It is a key export product and is often sold at a discount compared to other benchmark oils.
OPEC+ is a coalition of the Organization of the Petroleum Exporting Countries (OPEC) and other oil-producing nations, including Russia. They collaborate to manage oil production levels to stabilize or influence global oil prices.
Oil export revenues refer to the income generated from selling crude oil and petroleum products to other countries. These revenues are crucial for oil-producing nations' economies.
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