Oil and gas revenues of the Russian budget increased by 39% in April, according to data from Russia’s Finance Ministry. They amounted to 855.6 billion Russian rubles last month, 238.6 billion Russian rubles more than in March.
The increase in revenues was linked to rising oil prices caused by the operation conducted by the United States and Israel against Iran.
In March, Russian oil companies paid taxes based on an oil price of $44 per barrel. April taxes were already calculated using the March price, which amounted to $77 per barrel.
On May 4, Russia’s Economy Ministry announced the April price used for tax calculations. It amounted to $94.9 per barrel. This price will be taken into account when paying taxes for April. As a result, oil and gas revenues of the Russian budget are also expected to increase in May.
Russia’s 2026 budget is based on an average Urals oil price of $59 per barrel. So far, however, the average for the first four months of the year stands at $64.4 per barrel.
At the same time, over the first four months of the year, Russian budget oil and gas revenues remain 38% below last year’s level and amount to 2.3 trillion Russian rubles.