Russia's oil & gas revenues halved y/y in January to the lowest level since July 2020

According to data from the Finance Ministry, Russian state oil revenues and gas revenues fell by half in January, compared with the same period last year. They reached their lowest level since July 2020.

The drop was attributed to a?lower price of crude oil and a stronger currency. The oil and gas revenues are vital for Russia's budget. In 2025, the state budget had a deficit of 2.6% or 5.6 trillion roubles.

The figure of 393.3 billion Russian roubles (5.10 billion dollars) for January was lower than the 447.8 billion in December.

The Kremlin's main source of income is oil and gas revenues. They account for nearly a quarter of the federal budget, which has been depleted by the heavy spending on defence and security since February 2022 when Russia began its military operation in Ukraine.

This year, the?budget will collect 8,92 trillion roubles in oil and gas sales. The total budget revenue?for the year 2026 is estimated at 40.283 trillion roubles.

The Russian federal budget derived revenues from oil and natural gas last year

Dropped

The lowest level since 2020, with a 24% drop to 8,48 trillion roubles.

(source: Reuters)