Oil and gas revenues in Russia in the first quarter of 2026 decreased by 45.4% compared to the same period in 2025. This was stated in the report of the Ministry of Finance of the Russian Federation.
The ministry attributed the reason for this sharp decline to “mainly a decline in oil prices.”
Total budget revenues (oil, gas, non-oil and gas) decreased by 8.2%, while expenditures increased by 17%.
As a result, the total budget deficit for the first three months of 2026 reached 4.58 trillion, or 1.9% of GDP. This already exceeds the entire annual plan ($3.79 trillion or 1.6% of GDP).
A sharp decline in the growth of oil and gas revenues was recorded against the backdrop of a decline in oil export volumes due to regular massive attacks by Ukrainian drones on the largest export infrastructure facilities of the Russian Federation. Last March, according to independent estimates. I stood idle Up to 40% of oil export capacity, by the beginning of April – 20%.