Russia’s federal oil and natural gas receipts fell 17.2% to 5.47 trillion rubles ($67.7 billion) in January-September, leaving energy income weaker even as the broader federal budget expanded, Finance Ministry data show.
Total budget revenue rose 10% over the period, while non-energy receipts increased 18.8%, the data showed. The figures extend EconoTimes’ earlier report on Russia’s nine-month oil and gas revenue decline. The Finance Ministry expects recent crude price increases to lift tax receipts more fully in coming months because their effect reaches collections with a delay.
A stronger ruble reduced the domestic-currency value of foreign-currency oil earnings. Russia collects production taxes and records budget receipts in rubles, so each dollar earned abroad converts into fewer rubles when the currency strengthens.
Anadolu Ajansı reported that Ukrainian drone attacks disrupted refinery operations. The IEA said Russian refinery throughput fell to 3.8 million barrels a day in June, about 30% below a year earlier and the lowest in more than 20 years.
Russia’s fuel subsidy mechanism sends payments from the budget to refineries when global market prices exceed domestic prices, making local sales more attractive. Payments reached $3.78 billion in September, up from $2.44 billion in August and the highest level since April 2022, Finance Ministry data showed.
The Economic Development Ministry expects petroleum exports to fall to 98.5 million tons this year from 125.8 million tons in 2025. It forecasts crude exports will rise to 244.7 million tons from 230.8 million tons.
The Finance Ministry lowered its 2026 oil and gas revenue estimate to $93.87 billion from $110.46 billion. The IEA’s next Oil Market Report is scheduled for Nov. 13 at 4 a.m. ET.
