Russia’s oil and gas revenues could rise by 60 per cent year-on-year in July
According to Reuters’ calculations, Russia’s federal budget revenue from oil and gas in July could rise by around 60 per cent compared with July last year. These revenues account for around one-fifth of the country’s total budget revenue.
The increase is expected to be driven by rising global oil prices. An additional factor was the rise in tax revenues from the profits of oil-producing companies in the second quarter, which also contributed to the overall annual revenue figure.
Nevertheless, based on figures for January and July 2026, Russia’s oil and gas revenues are forecast to fall by 11 per cent compared with the same period in 2025, amounting to around 4.9 trillion roubles.
The Russian Ministry of Finance plans to publish official figures on July’s revenues on 5 August.
According to Russia’s 2026 budget, oil and gas revenues are forecast at 8.92 trillion roubles. Total budget revenues are expected to reach 40.283 trillion roubles.
Last year, Russia’s federal budget revenue from oil and gas fell by 24 per cent to 8.48 trillion roubles. This was the lowest figure since 2020.
For reference, Russia is the world’s third-largest oil producer and exporter after the US and Saudi Arabia, and revenue from oil and gas sales remains one of the key sources of funding for its state budget.
