Russia's oil and gas revenues have fallen sharply despite higher oil prices

In September, oil and gas revenues for the Russian budget totaled 452.4 billion rubles. Compared to September 2025, this figure decreased by 22%, despite rising oil prices.

Compared to August, revenues rose slightly—by 7%—to 424 billion rubles. At the same time, in August, oil and gas revenues fell by 16% year-over-year.

Most of the revenue is “eaten up” by budget expenditures on compensation to oil refiners due to the difference between domestic Russian and global fuel prices. In September, these payments were increased from 197.3 billion to 305.5 billion rubles.

These payments “ate up” the entire increase in mineral extraction tax revenue, which totaled 807 billion rubles in September compared to 702.7 billion rubles in August.

In total, the Russian treasury has received 5.47 trillion rubles in oil and gas revenues since the beginning of the year, which is 17.2% less than in January–September 2025.

The September figure was almost in line with the Russian Ministry of Finance’s expectations—the shortfall, taking into account additional oil and gas revenues, amounted to 10 billion rubles.

In October, the Russian Ministry of Finance is projecting 289.5 billion rubles in additional oil and gas revenues.

This is reported by Russian propaganda media.

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