Russia's Oil and Gas Revenues Fell to $4.9 Billion in August

Russia's federal budget oil and gas revenues in August 2026 decreased to $4.9 billion, the lowest figure since January. Compared to August of last year, revenues fell by 16%, and compared to July 2026, they plummeted by 55%. The revenue drop in just one month amounted to $10.79 billion. From January to August 2026, the Russian budget received $57.97 billion in oil and gas revenues, which is 16.7% less than in the same period last year. Net revenues from the oil sector in August amounted to $3.77 billion, down 22% year-on-year. The main reasons for the fiscal decline include the depreciation of Urals crude oil, attacks by Ukrainian drones on oil refineries, payments under the fuel damper, non-compliance with the budget rule, and depletion of reserves. It was previously reported that Russia's oil revenues collapsed by 60% due to the depreciation of Urals, increasing pressure on financing the war against Ukraine.

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