Russia’s oil and gas revenue hits lowest since 2020
Russia’s oil and gas revenue for December is expected to drop to 410 billion roubles ($5.17 billion), nearly half of last year’s level. The decline is driven by lower crude prices and a stronger rouble.
Oil and gas account for about a quarter of federal budget proceeds, which have been stretched by high defence and security spending since the start of Russia’s war in Ukraine in 2022, News.Az reports, citing Reuters.
For 2025, annual oil and gas revenue is projected at 8.44 trillion roubles, down from the Finance Ministry’s forecast of 8.65 trillion roubles. The last time monthly revenue fell this low was August 2020, during the COVID-19 pandemic.
Analysts say the expected 1.6 trillion rouble December deficit will be covered by state bonds, but 2026 poses budget challenges due to optimistic assumptions of oil at $59 per barrel and the rouble at 92 per dollar. Russia may use the National Wealth Fund to offset shortfalls if oil prices remain low.
The Finance Ministry will release official December figures on January 14, 2026.
Similar news
