US EditionCrude’s Drop, Strong Ruble Cut Russian Oil Revenue to 2-Year Low
RUSSIA, JUL 3 – Oil and gas revenues dropped 33.7% in June due to lower crude prices, sanctions, and a stronger ruble, reducing budget income and forcing Russia to use its National Wealth Fund.
- In June 2025, Russia's oil and gas revenues dropped to their lowest point since early 2023, with oil companies receiving 4,190 rubles per barrel sold.
- This decline followed a drop in global oil prices caused by US tariffs, OPEC+ supply hikes, and a strengthened ruble reducing export returns.
- Seaborne crude shipments remained near two-month lows in late June despite a slight increase from main ports, reflecting ongoing export challenges.
- Finance Ministry data showed June oil and gas tax revenues fell by 33.7% year-on-year to about 495 billion rubles, marking the lowest receipts since January 2023.
- The revenue slump forced the government to tap the National Wealth Fund for the second time in 2025 and revise the budget deficit forecast to a deeper shortfall.
16 Articles
16 Articles
Kremlin to replenish National Welfare Fund by RUB1.3tn in June, enough to cover the budget deficit, despite oil revenue pressures
The Kremlin has replenished the National Welfare Fund (NWF) with a new RUB1.3tn ($14.9bn) injection in June, as the Ministry of Finance credited long-delayed foreign exchange proceeds and gold reserves purchased last year.
Oil prices downhill, inflation close to 10%, high rates and government spending drained of conflict. The expert at the Wall Street Journal: ...The model of growth based solely on military spending has failed.
Russia Sells Off More Foreign Currency from Wealth Fund to Bridge Budget Gap
Russia is increasing foreign-currency sales from the National Wealth Fund to address a growing budget deficit after oil and gas revenues plunged to their lowest level since January 2023. Russia’s Central Bank, acting on Finance Ministry instructions, will sell yuan on the Moscow Exchange at a rate of 9.8 billion rubles ($124 million) per day from July 7 to Aug. 6, an increase of 2.5 billion rubles ($31 million) per day compared to June.
Russian authorities are accelerating the sale of foreign currency from the National Welfare Fund to compensate for the collapse of budget revenues from oil and gas, which fell 34 percent in June and returned to their lowest levels since January 2023, The Moscow Times reports.
Russia’s Oil and Gas Revenues Dip to January 2023 Low
Russia saw its revenues from oil and gas for the budget crash by 33.7% in June from a year earlier—to the lowest level since January 2023, amid weaker commodity prices and a stronger Russian ruble. For June, total budget revenues from oil and gas dipped to $6.3 billion (494.8 billion Russian rubles), according to data from Russia’s finance ministry published on Thursday. Revenues for the first half of the year also fell compared to the same peri…
The fall in oil prices and the abnormally strong ruble led to the fact that oil and gas revenues of the Russian budget for the first time since January 2023 fell below 500 billion rubles. for the month — in June they amounted to 494.8 billion rubles.
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