Russia's oil and gas revenues fell by 21% since the beginning of the year

In the first ten months of 2025, the Russian treasury's revenues from oil and gas sales decreased by more than a fifth (21.4%) and amounted to approximately 7.5 trillion rubles (about $92.62 billion). This is evidenced by preliminary data from the Russian Ministry of Finance.

The ministry attributed the decline mainly to a decrease in the average level of oil prices. Although actual oil and gas revenues were higher than the planned baseline, the ministry noted, there is a risk of further decline if the market situation deteriorates.

In total, the budget of the Russian Federation received almost 29.92 trillion rubles (over $369 billion) in January-October 2025. This figure is slightly higher by 0.8% than the results of the same period last year.

Non-oil and gas sources showed significant growth, bringing 22.43 trillion rubles ($277 billion) to the Russian budget. Their revenues increased by 11.3% compared to January-October last year.

Revenues from turnover taxes, including VAT, grew by 5.8% (specifically, from VAT on production and imports by 6.2%). However, according to the Russian Ministry of Finance, this reflects a slowdown in inflation and a decline in consumer activity in the country.

• In June 2025, Russia's oil and gas revenues in June fell below 500 billion rubles for the first time in 2.5 years.
• Russia's July oil revenues fell by 33% to about 710.4 billion rubles ($8.9 billion).
• The United States on October 22 imposed sanctions against Russian oil companies Rosneft and Lukoil. Restrictions were also imposed on a number of subsidiaries of the Russian oil giants.
• After that, sea deliveries of crude oil from Russia dropped to a two-month low .