Moscow's Oil and Gas Revenue Jumps 60%

Russian government revenue from oil and gas, which accounts for about one-fifth of the country's total budget, is expected to rise by 60% in July compared to the same month a year ago. According to Reuters calculations, this is primarily due to rising global oil prices and higher revenue from production profit taxes for the second quarter.

For Russia, the world's third-largest oil producer, sales of energy resources are a key source of funding for its military campaign in Ukraine.

Despite the jump in July, however, cumulative oil and gas revenues for January through July remain 11% lower compared with the same period in 2025, at $5.7bn. The Russian Ministry of Finance will officially release the statistics for July on 5 August.

Russia's 2026 state budget projects total energy revenues of $113.7bn.

(Reuters, Max)