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Russia Down - Joe Blogs
Oil prices are rising… so why is Russia down?
In this video, we break down the latest data on Russia’s oil and gas revenues for the first five months of 2026 — and the numbers reveal a worrying trend for the Russian economy.
Despite higher global oil prices, strong demand, and even temporary sanctions relief allowing more Russian oil to reach the market, total revenues are still lower than they were in 2025… and significantly below pre-war levels.
We look at the key reasons behind this decline, including:
• Ongoing discounts on Russian oil
• Reduced access to global markets
• Dependence on buyers like China and India
• Production and infrastructure disruptions
• And the impact of sanctions — including recent temporary waivers
We also examine Russia’s growing budget deficit, rising government spending, and why the country is effectively spending far more than it is earning.
With some of the recent support likely to be temporary, and sanctions expected to tighten again once global conditions stabilize, the risks for the Russian economy could increase significantly in the second half of 2026.