Russia's oil revenue fell 43% year-on-year in March, according to the Finance Ministry

According to data released by the Finance Ministry on Friday, Russian state oil and gas revenues declined in March by a whopping '43%, to 617 billion Russian roubles (US$7.72 billion), compared to the same period a year earlier. This was due to lower oil prices, as well as a stronger Russian rouble.

The oil and gas revenue is crucial for Russia's budget. Its deficit was 5.6 trillion roubles, or 2.6% of the gross domestic product (GDP) in 2025 due to high military spending. Around a quarter of the total budget is accounted for by these revenues.

The revenue increased from 432.3 billion Russian roubles (February) to 432,3 billion roubles (March).

The revenue is based on the payments made by Russian firms by 30 March and relates to production from February, before the global oil price surged because of the US-Israeli War in Iran. The proceeds should increase from April.

In the first quarter of this year, revenue was 1.44 trillion rubles, down 45% on the same period in 2025.

The budget predicts that oil and gas sales will generate 8.92 trillion roubles this year. However, the pace of progress is currently behind.

(source: Reuters)