Thanks to sanctions, sinking oil prices and a poorly timed rise in the value of the ruble, Moscow’s war machine saw revenues from its gas-and-oil industry contract to their lowest levels in half a decade. Income from Moscow’s sales in the sector fell 24 percent in 2025 to 8.48 trillion rubles, the lowest figure since 2020. That’s a pretty important variable to consider in bets on whether Ukraine can hold off Russia’s nearly four-year invasion, when you calculate that oil and natural gas