Russia's oil and gas revenues at lowest level since 2020 – Reuters

Russia's budget revenues from oil and gas have halved in January 2026 compared with January 2025, reaching their lowest level since July 2020.

Source: Reuters, citing Russia's Finance Ministry

Details: Russia received RUB 393.3 billion (US$5.1 billion) from oil and gas in January, sharply down both year on year and from December, when revenues totalled RUB 447.8 billion (US$5.8 billion).

The decline was driven mainly by lower global oil prices and a stronger rouble.

In 2025, Russia's federal budget revenues from oil and gas fell by 24% to RUB 8.48 trillion (US$110.5 billion), the lowest level since 2020.

Oil and gas income remains a key source of funding for Russia's federal budget, providing nearly a quarter of all revenues.

Background: Russian oil producers continue to increase discounts on crude for India to sell cargoes that refineries began rejecting after sanctions introduced by the administration of US President Donald Trump. Some cargoes' prices have fallen to US$22-25 a barrel.

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