According to Bloomberg’s calculations, based on new data from Russia’s Finance Ministry, net budget revenue from oil production totaled RUB326.2 billion ($3.76 billion). That was about 22% lower than during the same period in 2025 and the lowest level since February 2026.
In recent months, Moscow benefited from a global rise in oil prices caused by the Iran war, which also increased demand in Asia for alternatives to supplies from the Persian Gulf. However, the gradual de-escalation in the Middle East has led to a decline in the price of Urals crude, Russia’s key export blend, Bloomberg noted.
Meanwhile, the agency said, the Kremlin’s oil revenue fell by more than 60% in August compared with July.
“The country’s August budget revenues were calculated at a price of just over $59 a barrel, according to data from Russia’s tax authority,” the report said.
“Urals’ average monthly price peaked at almost $95 a barrel in the spring.”
Additionally, Russian refineries have faced disruptions in recent months because of regular Ukrainian drone attacks.
“In a move to boost domestic supplies, Moscow banned most gasoline and diesel exports and increased fuel imports,” Bloomberg reported.
Russia’s total oil and gas revenue fell 16% in August from a
year earlier, to RUB424 billion ($4.89 billion).