Russia’s federal budget recorded a sharp 22.7% year-on-year decline in oil and gas revenues for the first half of 2026, falling to 3.66 trillion rubles ($48 billion), according to data published by the Finance Ministry.
The drop underscores the mounting fiscal pressure on Moscow as international sanctions and shifting export routes continue to erode the state’s primary revenue stream.
The contraction in energy receipts stands in stark contrast to a 16.3% surge in non-oil and gas revenues, which reached 14.96 trillion rubles ($197 billion) during the same period.
This divergence highlights a structural shift in the Russian economy, where military spending and domestic industrial output are increasingly offsetting the losses from the energy sector.
The data, released on July 9, confirms that Moscow is relying less on hydrocarbon exports to fund its budget, a trend accelerated by the ongoing conflict in Ukraine and Western price caps.
The decline in oil and gas income comes amid broader economic disruptions within Russia.