Russian Oil and Gas Tax Revenues to Rise in May
Higher oil prices are expected to boost Russian energy tax revenues to 650 billion roubles in May. Total proceeds for 2026 remain below previous year levels.
Russia is expected to see a significant rise in its oil and gas tax revenues for May, driven largely by a surge in global energy prices linked to regional instability involving Iran. Despite this monthly uptick, the nation's total energy-related proceeds for the first five months of 2026 are projected to remain below the levels recorded during the same period last year.
According to recent calculations, the federal budget is anticipated to collect approximately 650 billion roubles ($8.65 billion) from energy taxes in May. This represents a notable increase from the 512.7 billion roubles generated in May 2025. The primary driver for this growth has been the elevated price of Brent Crude Oil, which has reacted to the effective closure of the Strait of Hormuz—a critical maritime corridor for global energy and fertilizer supplies.
