Skip to content
Welcome, thoughtbot's Giant Robots listeners!Start here
Russia-Ukraine War 2026
12OCT

Budget revenue rises as oil and gas receipts fall

1 min read
10:59UTC

Russia's Finance Ministry reported 25.93tn roubles of federal budget revenue for January to August, up 9.2% year on year. Oil and gas revenue fell 16.7% over the same period.

ConflictDeveloping
Key takeaway

Budget revenue rose 9.2% on non-oil receipts while oil and gas income fell 16.7%.

Russia's Ministry of Finance reported federal budget revenue of 25.93tn roubles for January to August, up 9.2% year on year, with oil and gas revenue down 16.7% to roughly 5.02tn roubles. Non-oil-and-gas receipts rose 18.1% and carried the whole increase. The ministry said it is drawing on the National Wealth Fund, the sovereign reserve built from past oil windfalls, to hold the budget steady.

The deficit moved the other way. Anadolu Agency put the January to July federal deficit at 6.46tn roubles, more than 32% above a year earlier, against the 5.7tn roubles half-year figure Sberbank put on the record in July. Russia's largest lender said then that it can no longer buy government bonds, which leaves a deficit of that size to be financed by a banking system that has named its own limit. Russia posted a June budget surplus two months before that.

Import figures show where the refinery damage lands. Russia bought a record 172,000 tonnes of fuel in August, more than seven times the previous monthly high, including petrol refined in India from Russian crude and sold back. The Centre for Research on Energy and Clean Air separately estimates the Hormuz price spike handed Russia around €31bn in extra export revenue over six months, a windfall from a war Moscow never fought.

Deep Analysis

In plain English

Russia's government collected more money overall this year, but not from oil and gas, which is normally its biggest earner. Oil and gas income fell by nearly a sixth. The rest of the rise came from other taxes, and the government is dipping into its savings fund to cover a deficit that is a third bigger than last year.

First Reported In

Update #27 · Russia's rate hold names the fuel shortage

Centre for Research on Energy and Clean Air· 13 Sept 2026
Read original →
Causes and effects
This Event
Budget revenue rises as oil and gas receipts fall
The headline rise came entirely from non-oil receipts, up 18.1%, while the ministry drew on the National Wealth Fund to hold the budget steady. Ukraine's campaign is squeezing one revenue stream, not the whole budget.
Different Perspectives
Government of Latvia
Government of Latvia
Latvia abstained on 22 September when the EU renewed its individual sanctions for 36 months at the price of delisting Alisher Usmanov and Mikhail Fridman, and promised national sanctions of its own. Riga's abstention marks how far a frontline member state will go to keep listed names listed.
India's Ministry of External Affairs
India's Ministry of External Affairs
After the House passed the Graham bill on 16 September, India's foreign ministry said it would keep buying energy on market terms and protect its trade. Russia supplied 30.3% of India's crude imports in fiscal 2026, so the tariff decision due around 18 October falls directly on New Delhi.
Kaja Kallas, EU foreign policy chief
Kaja Kallas, EU foreign policy chief
Kallas answered the US licence on 10 October by saying Europe would not ease pressure, and EU ministers adopted a 22nd package of nearly 1,600 listings two days later. Brussels is tightening as Washington loosens, though TASS reported the package adds no significant new trade restrictions.
Donald Trump and the US Treasury
Donald Trump and the US Treasury
The Treasury licensed Russian diesel imports until 7 April 2027 on the day of Trump's call with Putin, and Trump then told reporters Ukraine should find a new leader. Washington is trading sanctions relief for fuel supply while pressing Kyiv to halt the refinery strikes behind the shortage.
Kremlin and Deputy Prime Minister Alexander Novak
Kremlin and Deputy Prime Minister Alexander Novak
After the 9 October call the Kremlin said Russia was ready to supply oil and petroleum products to American and global markets, and Novak brought forward the end of diesel export curbs. Moscow is selling the shortage back as goodwill, with volumes that Decree No. 686 now hides from outside checks.
Volodymyr Zelenskyy, President of Ukraine
Volodymyr Zelenskyy, President of Ukraine
Zelenskyy called GL 135 an investment in prolonging the war and offered to stop striking Russian refineries if Russia stops destroying Ukraine's energy system. Answering Trump's call for a new leader, he set a total 60-day ceasefire as the condition for elections, which puts the next move on Moscow.