Russia’s Oil and Gas Revenues Collapse by Nearly 40% in Early 2026

Russia's oil and gas revenues fell sharply in January-April 2026, according to data released by the Russian Finance Ministry. Compared with the same period last year, revenues from oil and gas exports dropped by more than one-third — down 38.3% to 2.298 trillion rubles. The ministry attributed the decline primarily to lower global oil prices. At the same time, non-oil-and-gas revenues increased by 10.2% to 9.423 trillion rubles. The Finance Ministry expects the federal budget to receive 8.919 trillion rubles in oil-and-gas revenues and 31.365 trillion rubles in non-energy revenues over the course of 2026.