Russia's Oil and Gas Tax Revenue Surges 32% Year-on-Year to $9.3 Billion in May
Overview of Russia's Oil and Gas Tax Revenue Performance
May 2024 Revenue Growth and Contributing Factors
MOSCOW, June 3 (Reuters) - Russia's oil and gas tax revenue, which accounts for around a fifth of total budget income, increased by 32.4% year-on-year in May to 678.9 billion roubles ($9.3 billion), Finance Ministry data showed on Wednesday, thanks to a global oil price rally fuelled by the Middle East war.
Month-on-Month Comparison
Revenue declined by 20.7% from April, when the budget received additional payments from profit-based tax, paid cyclically.
Global Oil Market Context
Russia, the world's third-largest oil producer and exporter after the U.S. and Saudi Arabia, has been one of the main beneficiaries of the rise in oil prices after the U.S.-Israeli war in Iran began at the end of February.
Impact on Russian State Finances
Oil and gas revenue is the main source of income for the Kremlin, whose finances have been strained by heavy defence and security spending since Russia began its military campaign in Ukraine in February 2022.
Year-to-Date and Historical Revenue Figures
2024 Year-to-Date Performance
Revenue totalled almost 3 trillion roubles in the first five months of the year, down by around 30% from the same period in 2025.
Budget Forecasts and Historical Comparison
2026 and 2025 Projections
Russia's 2026 budget forecasts oil and gas revenue of 8.92 trillion roubles. Total budget revenue this year is projected at 40.283 trillion roubles.
2023 Revenue and Historical Lows
Last year, federal budget oil and gas revenue dropped 24% to 8.48 trillion roubles, the lowest level since 2020.
Additional Information
($1 = 73.3000 roubles)
(Reporting by Darya Korsunskaya Writing by Maxim Rodionov and Vladimir SoldatkinEditing by Bernadette Baum and Toby Chopra)
