Russia’s revenues from oil and gas taxes in May 2026 increased by 32.4% to 678.9 billion rubles (approximately $9.26 billion) due to rising global oil prices.
According to Russia’s Ministry of Finance, the increase in revenues in May was due to higher oil prices amid escalating tensions in the Middle East. However, compared to April’s results, May’s revenues decreased by 20.7%, when the budget received additional one-time payments related to the cyclical payment of profit tax.
Russia, being one of the world’s largest oil exporters, receives a significant portion of its budget revenues from the oil and gas sector. These revenues are a key source of funding for the federal budget, especially amid increased defense and security spending following the start of the war against Ukraine in 2022.
In the first five months of 2026, Russia’s total oil and gas revenues amounted to about 3 trillion rubles, which is 30% less than in the same period in 2025. The forecast for 2026 anticipates oil and gas revenues at the level of 8.92 trillion rubles, with total budget revenues of 40.283 trillion rubles. For comparison, in 2025 revenues decreased by 24% and amounted to 8.48 trillion rubles — the lowest since 2020.
The rise in prices for Russian oil, which resulted from global changes in pricing policy due to events surrounding Iran, underscores the importance of oil and gas revenues for Russia’s economy. It provided positive financial indicators for the country despite significant challenges faced by the Kremlin on the international arena.
| Period | Oil and Gas Revenues (trillion rubles) |
|---|---|
| First 5 months of 2025 | ~4.3 |
| First 5 months of 2026 | ~3 |
| Forecast 2026 | 8.92 |
