In July, Russia's oil revenues increased by 60% year-on-year

Calculations showed that the rise in oil prices globally has led to a '60% increase in the state revenue of Russia in July compared to the same period a year earlier.

The overall revenue increase of?year-on-year was also attributed to a steep rise in?profit-based tax proceeds from oil production during the second quarter. Russia is the third largest oil exporter and producer in the world, after Saudi Arabia and the United States. It relies heavily on oil and gas sales to finance its military campaign against Ukraine.

The oil and gas tax revenues for January to July are still expected to fall by 11% from the same period in 2020, to 4.9 billion Russian roubles.

On?August 5, the Finance Ministry is due to release its July estimates.

The Russian budget for 2026 forecasts oil-and-gas revenues of?8.92 billion roubles (about $113.75 billion). The total revenue for the budget is expected to be 40.283 trillion Russian roubles.

The federal budget's oil and gas revenues dropped by 24% last year to 8,48 trillion roubles. This is the lowest level since 2020.

(source: Reuters)