Russian budget revenues from oil and gas were down by 44% in February, y/y

According to data from the Finance Ministry, Russian state oil and gas revenues in February fell by 44% to 432.3 billion roubles (about $5.51 billion) compared to the same month last year. This was due to lower oil costs and a stronger ruble.

The increase was 10% compared to January.

The?revenues from oil and gas are vital for Russia's budget. In 2025, the state budget had a deficit of 5.6 trillion rubles or 2.6%. Around a quarter is accounted for by the revenue.

The Finance Ministry's data revealed that the revenue for the first two-month period of the year dropped by 47% compared to the previous year. It was 825.6 billion Russian roubles.

The Russian oil is being sold at a discounted price mainly because of the Western sanctions imposed over the?war in Ukraine. This includes the price cap that the European Union reduced to $44.10 per barrel on February 1, to limit Russia's oil revenue.

Since Russia began its military campaign against Ukraine in February 2022, heavy spending on defence and security has drained state coffers.

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

(source: Reuters)