The move marks a major shift for Ukraine, which has ​fought to join NATO as a safeguard against Russian attacks and has such an aspiration included in its constitution. It also meets one of Russia’s war aims, although Kyiv has ‌so far held firm against ceding territory to Moscow.

Zelensky said on Sunday that the U.S., and European and other partners’ security guarantees instead of NATO membership were a compromise on Ukraine’s side.

“From the very beginning, Ukraine’s desire was to join NATO, these are ‌real security guarantees. Some partners from the US and Europe did not support this direction,” he stated in answer to questions from reporters in a WhatsApp chat.

“Thus, today, bilateral security guarantees between Ukraine and the US, Article 5-like guarantees for us from the US, and security guarantees from European colleagues, as well as other countries — Canada, Japan — are an opportunity to prevent another Russian invasion,” he added.

“And it is already a compromise from our part,” he continued, noting that the security guarantees should be legally binding.

Russian President Vladimir Putin has repeatedly demanded that Ukraine officially renounce its NATO ambitions and withdraw troops from the about 10% of Donbas which ⁠Kyiv still controls. Moscow has also said that Ukraine must be ‌a neutral country and that no NATO troops can be stationed in Ukraine.

The decline, down to about 410 billion rubles ($5.17 billion), is being driven by lower global oil prices and a stronger ruble, bringing monthly revenues to Russia’s lowest level since 2020.

Oil and gas income remains the Kremlin’s main source of funding, accounting for roughly a quarter of federal budget revenues.

These revenues have been strained by rising defense and security spending, since the start of Russia’s full-scale war against Ukraine in 2022.

For the full year, oil and gas revenues are projected to total 8.44 trillion rubles ($105 billion), nearly 25% lower than last year and below the Finance Ministry’s oil-and-gas earnings forecast, according to Reuters calculations based on industry and official data.

Analysts said that Russia plans to cover the December budget deficit by borrowing through government bonds, but warned that the situation could become more difficult in 2026 if oil prices stay lower and currency assumptions do not hold.

Ukraine and its Western allies have repeatedly said efforts to curb Russian oil revenues are aimed at undermining Moscow’s ability to finance the war.

As part of that effort, Ukraine has repeatedly targeted Russian oil and gas infrastructure, including refineries and storage facilities, seeking to disrupt a major source of Kremlin funding.