Russia’s energy revenues last year fell by about a fifth from 2024, as widening discounts collided with weak global prices, intensifying the strain on the Kremlin’s wartime economy.
In November, the gap between Brent — the international oil benchmark now trading at its lowest level since 2021 — and Russia’s main Urals blend roughly doubled month on month, after the US imposed sanctions on oil majors Rosneft and Lukoil.
The discount widened to more than $24 a barrel, from about $15 over the previous two years, FT calculations based on Argus data show. Combined with low prices, this cut Russia’s energy income in 2025 by about a fifth year on year.
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