Oil and gas revenues
Coverage of Oil and gas revenues in the Nexus archive.
- Russian Economy 'in Dead End' as War Costs Devour Budget
Russia’s economy is stagnating as war spending drains domestic resources and weakens the civilian sector. Oil and gas revenues have fallen 30%, the budget deficit is soaring, borrowing costs are rising, and Moscow increasingly relies on debt to sustain military operations. Kyiv argues tighter sanctions on Russian energy exports are the most effective way to weaken the war machine.
- No Economic Model Can Predict When Russia Runs Out of Money for War, NBU Says
Russia's seaborne oil export revenues nearly tripled to $2.5 billion weekly in Q1 2026 due to Middle East shipping risks and premium pricing. However, the National Bank of Ukraine reports underlying economic deterioration including GDP contraction, budget deficit overruns, and a 45.4% year-on-year decline in oil and gas revenues, with the timeline to resource exhaustion determined by politics rather than economic models.