Russia’s Oil Revenues Drop 17% Despite a 13-Year High for Urals Crude
Finance ministry data showed oil and gas tax proceeds fell to 5.47 trillion roubles as Ukrainian attacks and a stronger rouble offset higher crude prices.
- On Monday, the Russian Ministry of Finance reported energy tax revenue dropped 17% to $64.43 billion during the first nine months of 2026, despite global crude prices reaching decade-highs.
- The Ukraine war has disrupted output and exports while a stronger rouble further reduced tax proceeds, offsetting gains from global crude prices that topped $92 at end-September.
- These receipts account for about 20% of federal budget revenue, where the deficit is currently projected to reach 3% of gross domestic product in 2026, nearly double the original target.
- Vladimir Putin issued a decree on September 17 placing local operations of Swiss food giant Nestlé and French supermarket chain Auchan Retail Russia under temporary administration, citing European military aid.
- The Black Sea port of Novorossiysk operates below capacity due to security risks and tanker shortages, while crude production fell to 8.718 million barrels per day in August.
11 Articles
11 Articles
The fall in production, the attacks on the oil infrastructure and the strengthening of the ruble have offset the effect of rising prices for Russian oil.
In the 9 months of this year, Russia's oil and natural gas revenues decreased by 17.2% compared to the same period in the previous year, falling to 5.47 trillion rubles (64.3 billion dollars in total). According to the information of the Ministry of Finance of Russia, the budget revenues from fuel oil and natural gas in the capital decreased by 22.3 interest compared to the same month of the previous year, reaching 452.4 billion rubla, avqust […]
Despite rising Russian oil prices, Moscow's energy revenues are projected to fall by 17 percent in 2026. Production falling to its lowest level in 17 years, a strong ruble, and disruptions to export routes are increasing pressure on the budget.
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