Russia can lose $30B in oil and gas revenue this year – intelligence
The Russian Federation is expected to lose $30 billion in oil and gas revenue this year and could lose around $50 billion next year.
As Ukrinform reports, this was stated by the Foreign Intelligence Service of Ukraine during the Kyiv Sanctions Summit.
First Deputy Head of Ukraine's Foreign Intelligence Service, Oleh Luhovskyi, took part in the summit, which analyzed the impact of restrictions imposed on the Russian economy.
During his speech, he emphasized that the energy sector remains a key source of financing for Russia's military.
This year, the sanctions coalition imposed restrictions on over 500 entities in Russia's energy sector, including oil tankers, traders, financial institutions, and numerous organizations forming part of Russia's shadow shipping network.
Currently, the price of Russian oil has dropped to a record $40 per barrel at seaports. In addition, the Urals oil discount nearly doubled, from $12 to $20 per barrel, while tanker freight costs increased by 15%. Since November, a decrease in Russia's maritime oil exports has been recorded.
"Sanctions pressure has reduced oil production in Russia by 30 million tons this year. This trend will continue," Luhovskyi stressed, noting that in 2025 Russia cut drilling for new oil wells by 20%.
As a result, international sanctions have caused a significant deficit in the Russian federal budget.
According to the Foreign Intelligence Service of Ukraine, Russia will lose $30 billion in oil and gas revenue this year and could lose about $50 billion next year.
The summit was attended by Ukraine's Prime Minister Yulia Svyrydenko, EU Special Representative for Sanctions David O'Sullivan, presidential advisor on sanctions policy Vladyslav Vlasiuk, and representatives from Belgium, the UK, Denmark, Estonia, Ireland, Iceland, Italy, Canada, Cyprus, Latvia, Lithuania, the Netherlands, Germany, Norway, Poland, Finland, France, Sweden, and the European Union.
The outcome of the summit will be the development of further steps to strengthen the sanctions coalition and weaken the economic base of Russia's military.
As Ukrinform previously reported, in November, Russian oil exports decreased by 15–20% compared to October.
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