Russia's oil and gas revenue forecast
Russia expects a 60% increase in its oil and gas revenues in July 2026 compared to the same period last year, due to rising global oil prices and higher taxes on production profits during the second quarter. The country heavily relies on oil and gas sales to finance its military campaign in Ukraine, despite an anticipated 11% decrease in tax revenues from January to July compared to the same period in 2025, amounting to 4.9 billion rubles. It is projected that the 2026 budget revenues from oil and gas will reach 8.92 trillion rubles (113.7 billion dollars), amid an overall 24% decline in budget income compared to the previous year.
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