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Russian oil and gas revenues fall by 27% in July 2025

Revenues generated by oil and gas in Russia recorded a significant decrease in July, putting direct pressure on the country’s budget balance according to official figures.

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Revenues from the Russian oil and gas sector declined by 27% in July 2025 compared to the previous year, amounting to RUB787.3bn ($9.8bn). A year earlier, these revenues had reached RUB1.079tn. The Ministry of Finance indicated that this decrease is part of a continued contraction in financial flows feeding the state budget.

Change in extraction levies
Taxes collected on the extraction of oil and gas condensates amounted to RUB885.2bn ($11bn) for the budget in July. This figure represents a 34.3% year-on-year drop, significantly impacting the Russian government’s fiscal intake. For the period from January to July 2025, total oil and gas revenues fell by 18.5%, reaching RUB5.522tn ($69bn).

Notable increase in gas taxes
Amid this general decline, a marked increase emerged in the mining extraction tax and export duties applied to gas. In July, these levies reached RUB76.9bn ($960mn), compared to RUB25.1bn a year earlier. This progression represents more than triple the amount collected in 2024 in this segment, according to ministry details.

Consequences for Russian fiscal policy
The sharp drop in revenues from oil and gas highlights the Russian federal budget’s dependence on these resources. Policymakers rely on sector performance indicators to assess the robustness of the public financing model, particularly in the face of global market volatility. The Ministry of Finance noted that the current evolution requires regular revision of levy policies to preserve budgetary balance.

The distribution of hydrocarbon-derived revenue flows thus remains under scrutiny, as official data guide decisions on national budget strategy.

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