Russia's oil and gas revenues fell 16.8 percent in the first seven months of 2026 compared to the same period in 2025, according to preliminary estimates published on the Russian Ministry of Finance website. Energy revenues totaled approximately 4.6 trillion rubles for the January to July period. The Ministry of Finance attributed the drop to lower energy prices in previous periods.
The decline in oil and gas income affected the federal budget deficit. State treasury expenditures exceeded revenues by about 6.5 trillion rubles from January through July. Analysts at the Center for Macroeconomic Analysis and Short-Term Forecasting estimated that the deficit could reach 7 trillion rubles by the end of the year.
Federal budget deficit
Russia's budget law for 2026 initially set the deficit at 3.8 trillion rubles. The Ministry of Finance stated that the forecast could be revised to reflect actual revenue dynamics.
Olga Belenkaya, head of macroeconomic analysis at Finam investment group, noted that measures adopted in June indicate the government does not plan to cut spending. She said the changes allow the government to borrow and spend funds without altering existing legislation.
