Reuters, citing its own calculations, expected Russian oil and gas revenues in May to grow by 39% compared to the same month last year and reach nearly 700 billion rubles.
The agency attributed the growth in oil and gas revenues to the global rise in oil prices resulting from the war in Iran. Reuters indicates that oil and gas revenues represent about one-fifth of the total Russian budget revenues.
However, compared to April this year, revenues are expected to decline by about 17% due to income tax payments. The Russian budget is also losing some money due to increased support for oil refineries.
At the same time, the period from January to May 2026 turned out to be worse than the same period in 2025: according to Reuters calculations, oil and gas revenues during these months fell by about a third and amounted to about three trillion rubles.
Reuters also notes that last year also showed a decline: oil and gas budget revenues fell by 24% to 8.48 trillion rubles compared to 2024. The agency notes that this is the lowest since 2020.
Bloomberg indicated that the growth of foreign exchange revenues from oil sales against the backdrop of the war in the Middle East and the fuel crisis led to a strengthening of the ruble. In the second quarter of 2026, the Russian ruble became the leader among currencies that strengthened against the US dollar. However, the Russian economy is largely wave For export, so a very strong national currency can become a problem for them.