Russian budget revenues from oil and gas fell by 28% in July, the Russian Finance Ministry reported. transmits The Moscow Times.
In July 2025, the Russian budget received 787,3 billion rubles ($8,75 billion) in oil and gas revenues, a 28% decrease from the same period last year. The decline was due to lower global oil prices and a strengthening ruble.
This is the third consecutive month of declines of around 30%. In total, over the seven months, revenues fell by 7 trillion rubles ($1,2 billion) to 13,3 trillion rubles ($5,52 billion), down 61,3% year-on-year.
Revenues from the mineral extraction tax (NDPI) fell especially sharply — by 38%, to 634,1 billion rubles ($7,05 billion). Of these, 543,4 billion ($6,04 billion) came from oil companies. Gas revenues fell more than half — to only 51,1 billion rubles ($568 million) per month (–53%).
Because of this, the Russian authorities have already adjusted the plan: instead of 10,94 trillion rubles ($121,6 billion) in oil and gas revenues, only 8,32 trillion ($92,4 billion) are expected. This will lead to further spending from the National Welfare Fund (NWF), whose reserves have already been reduced by almost a third, to 4 trillion rubles ($44,4 billion).
A new blow to the budget may be the 18th package of EU sanctions with a flexible price "ceiling": instead of a fixed $60 per barrel, it will be 15% below the market price — that is, approximately $47,6.
