Russian oil rig, Under Pixabay license https://pixabay.com/photos/russia-oil-platform-rig-boat-ship-112445/

Chris Snow, at Medium, observes:

1.1) Oil and gas industry

The oil shipped out of the Black Sea port of Novorossiysk sold for 34 dollars per barrel at the end of 2025. The Pacific port of Primorsk sold its oil for 36 dollars per barrel.

…

Konstantin reports that in the Summer of 2025 Russia roughly exported 4.3 million barrels per day, that is roughly 40 oil tankers per day. In December of 2025, their exports sharply declined to 2.9 million barrels per day, that is roughly 25 oil tankers per day.

The weekly revenue of Russian oil exports has dropped to 900 million dollars per week, 3.5 billion dollars per month, and 40 billion dollars per year.

…  The likely trajectory of the global oil prices is that they will drop even lower, despite the US attack on Venezuela. That means Russian discounts might widen further, and it will cost more to pump the oil than what they get for it.

1.2) Coal mining industry

This sector has suffered its worst year in 30 years. The consolidated corporate loss in the industry amounts to 350 billion rubles, that is roughly 5 billion dollars. Konstantin shares that 74 percent of the companies in this business are in the red.

The state tried to bail the coal sector out, but the Kremlin realized it could not do much due to financial constraints.

…

1.3) Metallurgical industry

This industry also had its worst year in 30 years, and the situation for 2026 remains very difficult. Many companies in the industry stopped servicing their debts to commercial banks. We are looking at 600 billion rubles or 8 billion dollars of defaulted loans….

Slava Ukraine!