Russian oil and gas revenues to grow by 39% yoy in May - Reuters

In May, russia’s revenue from the sale of crude oil and natural gas is expected to rise by approximately 39% compared to May 2025. The increase in revenue is driven by rising global energy prices due to the war in Iran.

Reuters reported this on Wednesday, May 20, citing its own calculations.

According to the agency’s estimates, russia’s oil and gas revenues will reach RUB 700 billion (USD 9.8 billion) in May. However, revenues are expected to decline by approximately 17% compared to April due to cyclical income tax payments.

In addition, the russian budget will suffer losses this month due to increased subsidies to oil refineries in the form of excise tax rebates and compensation payments.

The russian federation’s 2026 budget forecasts revenues from oil and gas sales of RUB 8.9 trillion. Total budget revenues this year are projected at RUB 40.2 trillion.

In 2025, oil and gas revenues to the federal budget fell by 24% to RUB 8.4 trillion, the lowest figure since the end of the coronavirus pandemic.

As the Ukrainian News agency earlier reported, on May 18, President Volodymyr Zelenskyy stated that Ukrainian intelligence had gained access to documents containing the russian federation’s assessment of its economic losses.

In recent months, oil refining volumes in russia have fallen by approximately 10%. As a result, russian oil companies have been forced to shut down several hundred wells.

As a reminder, earlier this month, the russian Ministry of Finance published a report stating that the hole in the russian budget continues to grow, despite rising oil prices.