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Russia’s budget revenue from oil and gas trade in February decreased by 18% year-on-year and by 2.3% compared to January, Reuters reported on March 5, citing Russian Finance Ministry data.Oil and gas revenues last month amounted to 771.3 billion rubles ($8.6 billion), a significant drop from 945.6 billion rubles ($10.5 billion) in February 2024 and a moderate decrease in comparison to 789.1 billion rubles ($8.8 billion) in January 2025.The news underscores Russia’s economic woes amid its full-scale war against Ukraine and the heavy Western sanctions imposed since 2022.Oil and gas exports, which have traditionally represented a significant portion of Russia’s federal budget revenue and play a key role in sustaining its war economy, have been particularly targeted by Western economic restrictions.The previous U.S. Biden administration rolled out several waves of sanctions against Russia’s oil and gas industry and its “shadow fleet” of tankers, most recently in January. The EU, which has traditionally been the primary buyer of Russian fossil fuels, sought to pivot away from Russian supplies while Ukraine has launched a campaign of long-range drone strikes against Russia’s energy facilities.In spite of this, fossil fuel exports continue to be crucial in feeding Russia’s war chest, representing about 30% of the country’s federal revenue last year. Moscow has managed to redirect much of its sales to other major markets, such as China and India.A February study also showed that while EU countries spent about $20.3 billion in military support for Ukraine in 2024, they bought Russian fossil fuels worth about $23.5 billion in the same period.The future of sanctions against Russia also remains uncertain as the new Trump administration, which has adopted a more amicable stance toward Moscow, floated the idea of sanctions relief as part of peace efforts. Trump’s pivot toward Moscow met with joy in RussiaIt’s a good decision, says Kremlin’s spokesman, following the U.S. pausing of all aid to Ukraine. “The details remain to be seen, but if this is true, it is a decision that could indeed push the ‘Kyiv regime’ towards a peace process,” said Dmitry Peskov. Russia has been open
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