Russia’s July mineral extraction tax proceeds set to decline 1percent

Russia's mineral extraction tax (MET) proceeds from crude oil extraction in July are projected to decline by 1 percent, according to Reuters calculations. The expected total for July is 580 billion roubles, compared to 585 billion roubles in June and nearly the same as August 2025, which was 579.6 billion roubles. The monthly payment for these taxes is due by August 28 as part of the unified tax payment system.

Although the MET proceeds per metric ton of crude oil have decreased by 1.5 percent to 26,735 roubles in July, this decline is attributed to lower oil prices rather than a decrease in production. The rouble's depreciation of 5.5 percent against the US dollar in July, to an average of 77.8039, has helped to offset the decrease in MET proceeds, keeping the total amount almost unchanged from June.

However, despite these factors, Russia's July MET revenue on oil falls short of the government's monthly target. In 2026, Russia had initially forecasted MET proceeds on crude oil extraction at 7.9 trillion roubles, or approximately 673 billion roubles, for August.