Russian Oil Prices Sink to Lowest Levels Since Full-Scale Invasion Amid Sanctions and Global Downturn

Russian crude oil prices have fallen to their lowest levels since the start of the full-scale invasion of Ukraine, as Western sanctions and a global decline in benchmarks drive deeper discounts, Bloomberg reported on December 16.

According to data from Argus Media, Russian oil exporters are now receiving just over $40 a barrel for cargoes from the Baltic, Black Sea, and Kozmino ports, marking a 28% drop in the last three months.

Western sanctions targeting top Russian oil companies like Rosneft and Lukoil have exacerbated these discounts, while additional restrictions on refiners, particularly in top buyers like India, have made it more challenging to sell and deliver Russian oil. Meanwhile, global oil prices have fallen below $60 a barrel for the first time since May, according to Bloomberg.

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War in Ukraine

Russia’s Oil Revenues Are in a Free Fall: Down $25 Billion in 2025, Crude Sells for Half Price

Nov 21, 2025 13:08

Russia’s oil and gas sector accounts for about a quarter of the state budget, and the declining oil revenues are putting pressure on the nation’s finances, affecting both oil companies and their contributions to the government.

Although Russian oil exports to India and China remain significant, with India expecting to import around 800,000 barrels a day in December, the reduction in revenue is a growing concern for Moscow’s war efforts.

Previously, it was reported that oil prices fell, with Brent dropping below $60 a barrel as markets weighed signs of momentum in Russia-Ukraine peace talks and weak Chinese economic data, according to Reuters.

Global oil prices have also fallen sharply, creating additional pressure on Russian export revenues.

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