Russia’s oil and gas revenues fall 17% in 2026 despite doubling of Urals crude prices
Russia’s year-on-year federal budget revenue from oil and gas fell 17% in the first three quarters of 2026 despite a sharp rise in the price of Russian crude. The decline was driven by lower production and reduced exports amid Ukrainian attacks on Russian oil infrastructure, as well as a stronger ruble, Reuters reported . From January through September, tax revenue from oil and gas production…
In the first three quarters of 2026, Russia's federal budget revenue from oil and gas declined by 17%, despite the price of Russian crude doubling. This decline was attributed to lower production and reduced exports due to Ukrainian attacks on Russian oil infrastructure. Additionally, a stronger ruble contributed to the decrease in revenue.
From January to September, tax revenue from oil and gas production amounted to 5.47 trillion rubles ($64.43 billion), which was lower than the 6.61 trillion rubles recorded in the same period of 2025. The oil and gas sector contributes to around 20% of Russia's tax revenue, and the 2026 budget deficit is projected to be 3% of the gross domestic product, nearly double the initially planned level.
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