5 days ago
Russia loses US$450bn in energy revenue due to sanctions
Russia has lost approximately US$450 billion in revenues from its energy sector due to international sanctions, says Lieutenant Colonel Joby Rimmer, Senior Military Adviser to the UK's Permanent Mission to the OSCE.
Source: Lieutenant Colonel Joby Rimmer, cited by the Ukrinform news agency
Quote: "Russia's own population is becoming increasingly severe: Interest rates in Russia have surged to 21%, reflecting deep financial instability; 40% of Russia's federal government spending in 2025 has been committed to defence; for the first time in post-Soviet history, defence spending has exceeded social spending; Russia has depleted two-thirds of the liquid assets in its National Wealth Fund; and due to international sanctions, Russia has lost an estimated US$450 billion in energy revenues."
Details: Rimmer stated that Russia's policies demonstrate the Kremlin's prioritisation of war over the welfare of its citizens.
Background: Russian authorities are preparing to raise gas prices for industry to offset losses at Gazprom, which has seen exports plummet since Russia's full-scale invasion of Ukraine in February 2022. Western sanctions, including US measures targeting Gazprom Neft and Surgutneftegaz, have significantly reduced Russia's oil and gas revenues, a key funding source for its war against Ukraine.
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