Finance
Russia's oil and gas budget revenue set to sink 46% in January, Reuters calculations show
Published by Global Banking and Finance Review
Posted on January 19, 2026
2 min readLast updated: January 19, 2026
Home > Finance > Russia's oil and gas budget revenue set to sink 46% in January, Reuters calculations show
Quick Summary
Russia's oil and gas revenue is set to drop 46% in January due to lower oil prices and a stronger rouble, affecting the federal budget.
Russia's Oil and Gas Revenue Expected to Plummet 46% in January
Impact of Oil Price on Russia's Budget
MOSCOW, Jan 19 (Reuters) - Russia's federal budget proceeds from taxes on oil and gas are expected to drop by 46% in January from the same month in 2025 due to a weaker oil price and a stronger rouble, Reuters calculations showed on Monday.
Current Revenue Projections
The share of oil and gas revenue accounts for around a quarter of the Russia's federal budget proceeds and are an important part of the funds for Kremlin's military campaign in Ukraine.
Historical Context of Revenue Decline
The revenue will likely to fall to around 420 billion roubles ($5.41 billion) in the first month of the year, the lowest since August 2020 when the COVID pandemic crippled global demand for fuel.
Comparison to Previous Years
Reuters calculations are based on oil and gas production data, refining, and supplies on domestic and international markets.
Factors Influencing Revenue Changes
Russia's indicative rouble-denominated price of oil for tax purposes collapsed in December by 53% year-on-year to 3,073 roubles per barrel as the rouble exchange rate jumped 30.6% from the same month in 2024.
The finance ministry will publish its data on the budget's oil and gas revenue on February 4.
The federal budget is assumed to collect 8.957 trillion roubles from oil and gas sales this year. Total budget revenues for 2026 are seen at 40.283 trillion roubles.
Last year, Russia's federal budget revenues from oil and gas dropped 24% to 8.48 trillion roubles, the lowest level since 2020.
($1 = 77.6500 roubles)
(Reporting by Reuters; Editing by Bernadette Baum)
Key Takeaways
- •Russia's oil and gas revenue is projected to decrease by 46% in January.
- •The decline is attributed to weaker oil prices and a stronger rouble.
- •Oil and gas revenue is crucial for Russia's federal budget.
- •January's revenue is the lowest since August 2020.
- •The finance ministry will release official data on February 4.
Frequently Asked Questions about Russia's oil and gas budget revenue set to sink 46% in January, Reuters calculations show
1What is the impact of oil prices on a country's economy?
Oil prices significantly affect a country's economy, especially for those reliant on oil exports, as fluctuations can influence revenue, inflation, and overall economic stability.
2What is revenue projection?
Revenue projection is an estimate of future income based on historical data, trends, and economic conditions, used for budgeting and financial planning.
