Russia's oil and gas revenues may rise 60 percent

Russia expects its oil and gas revenues to increase by 60% in July 2026 compared to the same month of the previous year, as a result of rising global oil prices and increased taxes on oil production profits during the second quarter. Russia heavily relies on oil and gas sales to fund its military campaign in Ukraine, and its revenues from this sector are projected to reach 8.92 trillion rubles (113.7 billion dollars) in 2026, despite an 11% drop in tax revenue between January and July compared to last year. In 2025, oil and gas revenues decreased by 24%, reaching their lowest level since 2020, with July estimates expected to be published in August.

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