Russia’s oil and gas revenues expected to decline in coming years

Russia’s oil and gas revenues may see further declines in the next few years, according to Antonina Levashova, head of the Analysis of Best International Practices Laboratory at the Gaidar Institute.

She told the Izvestia newspaper that one key factor is the EU’s upcoming ban on oil-product imports derived from Russian crude, which takes effect in 2026. Meanwhile, none of the major expected oil supply growth countries (USA, Brazil, Canada, Argentina) include Russia.