Russia's oil and gas revenues fell to a six-month low in August, totaling 424 billion rubles ($4.6 billion) — down 16% from a year earlier and 55% from July, according to data released by the Finance Ministry.
Oil revenues alone dropped even more sharply, to 326.2 billion rubles, a 22% decline from the same period last year. Bloomberg reported this was the lowest level since February.
The agency attributed the decline to cheaper Russian crude. The average monthly price of Urals, which reached nearly $95 per barrel in the spring, fell to just over $59 in August. Expectations of an end to the US conflict with Iran pushed global prices down, while Ukrainian drone strikes on refineries hit processing volumes.
Amid a domestic fuel shortage, the government restricted exports of gasoline and diesel and increased imports. In August, authorities paid oil refining companies 197 billion rubles in fuel damping subsidies, and 916 billion rubles since the start of the year. The Insider calculated that this amount has already exceeded total payouts for 2025, when oil companies received 881.8 billion rubles.
Since the beginning of the year, oil and gas revenues have brought 5.02 trillion rubles to the state budget — 16.7% less than in the same period of 2025. This is only 56% of the 8.92 trillion rubles planned for the year, even though oil and gas account for roughly a fifth of budget revenues.