On Monday, January 19th, due to the decline in oil prices and the strengthening of the ruble, the federal budget revenue from Russia's oil and gas tax in January is expected to decrease by 46% compared to the same period in 2025.
Oil and gas revenue accounts for about a quarter of the Russian Federation's budget revenue.
The revenue in the first month of this year may fall to about 420 billion rubles (5.41 billion US dollars), the lowest level since the COVID-19 weakened global fuel demand in August 2020.
The above calculations are based on oil and gas production data, refining and supply levels in both domestic and international markets.
The benchmark oil price denominated in rubles in Russia plummeted 53% year-on-year in December to 3,073 rubles per barrel, as the ruble exchange rate rose by 30.6% year-on-year.
The Russian Ministry of Finance will release the oil and gas revenue data in the budget on February 4th.
It is expected that this year's federal budget will receive 8.957 trillion rubles from oil and gas sales. The total budget revenue for 2026 is expected to be 40.283 trillion rubles.
Last year, revenue from oil and gas in the Russian Federation budget decreased by 24% to 8.48 trillion rubles, the lowest level since 2020.
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