Russia's budget revenues from oil and gas fell 18% year-on-year in February

The Russian oil and gas revenues fell by 18.4% to 771.3 billion rubles ($8.62billion) in February compared with the same period a year earlier, according to data released on Wednesday by the Finance Ministry.

Revenue was down 2.3% compared to January.

The Kremlin's most important cash source has been oil and gas revenues, which have accounted for between a third and half of the total federal budget revenue over the last decade.

The proceeds for January-February decreased by 3.7% compared to the previous year, reaching 1.56 trillion Russian roubles.

The government has budgeted federal revenues of 10.94 trillion Russian roubles for 2025, down from the 11.13 trillion roubles forecast in 2024

Urals, Russia's flagship oil mix, is budgeted to cost $69.7 this year. The rouble rate, on the other hand, is expected to be 96.5 roubles per $1.

Urals are priced in dollars.

Roubles

The average decline in February was around 15% lower than the target level in the federal budget of 2025, due to a strengthening currency and a weakening global price.

(source: Reuters)