Russia Drained - Joe Blogs

[TexasTowelie]

Russia’s oil and gas revenues are sliding again — and this time the problem isn’t just prices.
After a brief recovery, budget income from energy has turned sharply lower, exposing a growing vulnerability at the heart of Russia’s finances.

A stronger ruble, falling export volumes, and mounting difficulties selling oil under sanctions are now colliding, dragging revenues back toward pre-war levels. Gas income has collapsed from its 2022 highs, while oil — still the backbone of the budget — is proving far more fragile than headline prices suggest.

With war spending locked in and reserves already depleted, the margin for error is shrinking fast. What once cushioned the budget is now becoming a constraint — and the trend points to tougher choices ahead.

Chapters:
0:00 Intro
1:14 GAS
3:40 OIL
5:09 2025
6:41 RUBLE
9:22 SUMMARY