Russia’s oil, gas revenues fall 16.8% in first seven months of 2026

Russia’s oil and gas revenues fell 16.8% year on year to around 4.6 trillion roubles in January-July 2026, according to preliminary data from the Finance Ministry.

The ministry attributed the decline primarily to lower energy prices in previous periods.

The fall in energy revenues has contributed to a widening federal budget deficit. Government spending exceeded revenues by approximately 6.5 trillion roubles during the first seven months of the year.

Analysts at the Centre for Macroeconomic Analysis and Short-Term Forecasting expect the deficit to reach around 7 trillion roubles by the end of 2026, significantly above the 3.8 trillion roubles initially set out in the budget law.

The Finance Ministry has said the budget forecast could be revised depending on economic developments.

Olga Belenkaya, head of macroeconomic analysis at Finam, said measures adopted in June indicate that the government does not currently intend to reduce spending, allowing it to borrow and use funds without changing existing legislation.

By Aghakazim Guliyev