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Russia predicted to gain 10% more in oil and gas revenue
Russia expects its budget revenue from oil and gas taxes to increase by 10% in October 2026, reaching approximately 1 trillion rubles (around $12 billion). This rise is driven by higher global oil prices and the start of quarterly profit-based tax payments on production. Despite a 5% decline in domestic production during the third quarter, the increase in oil prices helped boost Russia's exports, which limited the impact of geopolitical challenges and economic difficulties. Oil and gas revenues are projected to contribute about 8.9 trillion rubles to the total budget income for 2026, accounting for roughly 22% of the overall budget revenue of 40.3 trillion rubles. However, overall, energy revenues from January to October 2026 amounted to 6.45 trillion rubles, a 14% decrease compared to the same period last year, due to fluctuating oil prices and global market changes.
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