Russian Budget Receives First Major Additional Revenue From Rising Oil Prices

In May, the Russian budget received substantial additional revenue for the first time since the start of the U.S. operation against Iran and the resulting increase in oil prices.

Total oil and gas revenues of the Russian budget amounted to 679 billion Russian rubles in May. This was 175 billion Russian rubles above the baseline level for the month.

Oil and gas revenues increased by 32.5% compared with May 2025.

In April, additional budget revenues amounted to only 21 billion Russian rubles. At the same time, their total volume (856 billion Russian rubles) was higher than in May, but this was related to the specifics of tax payments.

Russia’s Finance Ministry expects additional budget revenues to reach 220 billion Russian rubles in June.

As Kommersant notes, the Russian budget received 30% less oil and gas revenue in January–May than in the same period last year. In the coming months, this gap could narrow if oil prices remain high.