Russia has increased its oil and gas revenues by a quarter due to the war in the Persian Gulf
In May 2026, Russia earned $9.21 billion (679 billion rubles) from oil and gas sales.
This figure exceeded the initial target set in the Russian Ministry of Finance’s report by $2.37 billion (175 billion rubles), or more than 25%.
According to official forecasts by the Russian ministry, revenue from raw materials in June will also significantly exceed the figures projected when the state budget was drafted.
The main factor behind the Kremlin’s financial success was the massive disruption in fuel supplies to the global market. This disruption arose due to the de facto closure of a strategically important transport artery—the Strait of Hormuz.
In addition to the aggressor country’s state budget, revenues at private Russian oil corporations have also risen significantly. During April and May, subsidies from the state budget in their favor totaled more than $4.75 billion (350 billion rubles).
Oil companies will be able to spend the money received on major repairs to oil refineries (ORs), which have suffered significant damage as a result of increasingly frequent attacks by Ukrainian unmanned aerial vehicles.
Earlier, the authoritative international agency Reuters had forecast an even more rapid growth in Russian oil and gas revenues—at 39%.
Meanwhile, in May, U.S. President Donald Trump extended the sanctions relief on maritime shipments of Russian oil for another month.
Several foreign countries, which continue to face serious energy supply issues amid the war in the Persian Gulf, have appealed to Washington with this request.
Faridaily reports on this.
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