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Russia saw its budget revenues from oil and gas drop by 12% in April from a year earlier, due to the oil price rout last month, the Russian finance ministry said on Wednesday.
Oil and gas revenues for the Kremlin dipped to $13.45 billion (1.09 trillion Russian rubles) in April, from $15.2 billion (1.23 trillion rubles) in the same month of last year.
For the first four months of the year, oil and gas revenues fell by 10.3% to $46 billion (3.73 trillion rubles), according to the ministry’s data.
The decline in revenues so far this year was due to the lower oil prices in 2025 and to a one-off mineral extraction tax that oil companies paid into the budget in February 2024.
Last week, Russia said it expects 24% lower revenues from oil and gas this year compared to earlier estimates, following the oil price crash that began in early April and sank the price of its flagship Urals crude close to the $50 per barrel mark.
Russia now sees its oil and gas revenues at about $102.6 billion (8.32 trillion rubles) for 2025, according to the finance ministry’s latest update. That’s lower than the $134.5 billion (10.9 trillion rubles) expected earlier.
Oil and gas income – a key pillar of Russia’s budget revenues – is now expected to account for 3.7% of gross domestic product (GDP), down from 5.1% of GDP expected until the most recent oil price slide.
As a result of lower oil prices, Russia’s finance ministry has also tripled the estimate of its budget deficit to 1.7% of GDP for 2025, up from a deficit of just 0.5% of GDP previously expected.
In the latest forecast, Russia slashed its expected price of Russian crude from $69.70 per barrel to $56 a barrel for 2025.
