Russia's oil and gas revenues halved in January, to a minimum since July 2020 - Reuters
Kyiv • UNN
Russia's state oil and gas revenues halved in January, reaching their lowest level since July 2020. This decline is due to falling oil prices and a strengthening ruble.
Russia's state oil and gas revenues in January halved compared to the same month last year, reaching their lowest level since July 2020, citing Finance Ministry data, Reuters reports, writes UNN.
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The decline is due to falling oil prices and a strengthening ruble. Oil and gas revenues are crucial for Russia's state budget, which had a deficit of 5.6 trillion rubles, or 2.6% of gross domestic product, in 2025.
The January figure of 393.3 billion rubles ($5.10 billion) was down from 447.8 billion rubles in December.
Oil and gas revenues are the main source of funds for the Kremlin, accounting for almost a quarter of federal budget revenues, which have been cut due to significant defense and security spending since Russia's invasion of Ukraine began in February 2022.
This year, the budget is projected to receive 8.92 trillion rubles from oil and gas sales. Total budget revenues for 2026 are estimated at 40.283 trillion rubles.
Last year, Russia's federal budget revenues from oil and gas fell by 24% to 8.48 trillion rubles, the lowest level since 2020.