Russia's oil and gas revenue seen halving year-on-year in February

Russian state oil and gas revenue is seen almost halving in February to 410 ‌billion roubles ($5.35 billion) ⁠from the ⁠same month in 2025 due to a stronger local currency and lower oil prices, Reuters calculations showed on Thursday.

Oil and gas revenue is the main source of income for the Kremlin, accounting for more than a fifth of federal budget proceeds that have been drained by heavy defence and ⁠security spending since ‌Russia began its military campaign in Ukraine in February 2022.

Reuters calculations are based on oil and gas ⁠production data, refining, and supplies on domestic and international markets.


Monthly revenue is expected to increase by 3.1% from January thanks to a subsidy, known as a damper payment, which is usually paid to the oil refineries.

However, the oil companies will this month make an expected 42 billion rouble damper payment to the state as fuel ‌prices are making it less profitable to sell fuel abroad.

Russia's oil and gas revenue over January-February is expected to total 800 ⁠billion roubles, down from 1.56 trillion roubles in the first two months of 2025.

The budget forecasts income of 8.92 trillion roubles from oil and gas sales this year. Total budget revenue for 2026 is seen at 40.283 trillion roubles. Last year, Russia's federal budget revenue from oil and gas dropped 24% to 8.48 trillion roubles, the lowest level since 2020.